Published on 22 Jan 2024 on Zacks via Yahoo Finance
Tricon Residential Inc. (TCN) Soars 28.3%: Is Further Upside Left in the Stock?
Tricon Residential Inc. (TCN) shares ended the last trading session 28.3% higher at $11.07. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 4.3% loss over the past four weeks.
The increased optimism in the stock stems from the recent announcement of its acquisition by Blackstone Real Estate at $11.25 per common share in cash. The transaction price indicates a premium of 30% to TCN’s closing share price on the NYSE on Jan 18, 2024. The closing of the $3.5 billion deal, subject to a number of closing conditions, is expected in the second quarter of 2024.
This company is expected to post quarterly earnings of $0.14 per share in its upcoming report, which represents a year-over-year change of +27.3%. Revenues are expected to be $130.17 million, up 6.2% from the year-ago quarter.