Tricon ResidentialNYSE: TCN

Tricon Residential Inc. (TCN) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.

One of the most impressive movers in today's market has to be Tricon Residential (NYSE: TCN ). Shares of TCN stock have rocketed nearly 30% in early afternoon trading on reports that Blackstone (NYSE: BX ) will be taking the company private.

Tricon Residential is primarily an owner/operator of single-family rental homes in the US Sun Belt. It has underperformed its peers due to its higher leverage, exposure to variable rate debt, and high overhead. The current price offers a substantial margin of safety and an attractive set-up going into 2024 with several potential catalysts.

Tricon Residential Inc. (NYSE:TCN ) Q3 2023 Results Conference Call November 8, 2023 11:00 AM ET Company Participants Wojtek Nowak - Managing Director-Capital Markets Gary Berman - President and CEO Wissam Francis - CFO Kevin Baldridge - COO Jonathan Ellenzweig - EVP and Chief Investment Officer Conference Call Participants Brad Heffern - RBC Capital Markets Haendel St. Juste - Mizuho Securities Stephen MacLeod - BMO Capital Markets Mario Saric - Scotiabank Keegan Carl - Wolfe Research Eric Wolfe - Citi Adam Kramer - Morgan Stanley Jonathan Kelcher - TD Securities Jason Sabshon - KBW Operator [Call Starts Abruptly] [Operator Instructions] I would now like to hand the conference over to your speaker today, Wojtek Nowak, Managing Director of Capital Markets. Wojtek Nowak Thank you, operator.

TORONTO--(BUSINESS WIRE)--Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”), an owner and operator of single-family rental homes in the U.S. Sun Belt and multi-family rental apartments in Canada, invites you to participate in its live conference call with senior management to discuss the Company's financial results for the third quarter of 2023. The call will take place on Wednesday, November 8th at 11 a.m. ET. Tricon's financial statements and management's discussion an.

Tricon Residential, with its ownership of 37,000 single-family rental homes, offers outsized exposure to the space relative to dollars invested. The discount at which Tricon trades compared to its net asset value is clear, presenting an opportunity for investors. Tricon's potential pathways for realizing value include the realization of performance bonus revenue and a potential buyout by a private equity firm like Pretium.

The continued supply-demand imbalance in the housing market is expected to drive healthy rent growth for the next few quarters. Tricon has managed to keep a check on its debt with considerably lower maturities in the coming years. The vast market opportunity has been recognized by Tricon and its differentiated strategy of catering to middle-market households has helped immensely.