MCAN Mortgage (TSE:MKP) Sets New 52-Week Low – Should You Sell?

MCAN Mortgage Co. (TSE:MKP) shares hit a new 52-week low during trading on Wednesday. The stock traded as low as C$20.25 and last traded at C$20.29, with a volume of 19344 shares traded. The stock had previously closed at C$20.57.

Analyst Ratings Changes

Separately, National Bank Financial set a C$27.00 price target on shares of MCAN Mortgage and gave the company an “outperform” rating in a research report on Monday, June 29th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of C$24.67.

MCAN Mortgage Trading Down 1.3%

The company has a debt-to-equity ratio of 555.10, a quick ratio of 1.97 and a current ratio of 6.22. The stock has a market capitalization of C$830.55 million, a P/E ratio of 9.62 and a beta of 0.82. The firm’s fifty day simple moving average is C$22.06 and its 200 day simple moving average is C$23.71.

MCAN Mortgage (TSE:MKP) last issued its quarterly earnings results on Thursday, July 30th. The company reported C$0.59 earnings per share for the quarter. The company had revenue of C$43.34 million during the quarter. MCAN Mortgage had a net margin of 26.55% and a return on equity of 13.08%. As a group, equities research analysts forecast that MCAN Mortgage Co. will post 2.5108359 EPS for the current fiscal year.

Insiders Place Their Bets

In other MCAN Mortgage news, Director Emily Anne Randle bought 5,900 shares of MCAN Mortgage stock in a transaction on Thursday, September 24th. The shares were purchased at an average price of C$21.22 per share, with a total value of C$125,198.00. Following the acquisition, the director owned 5,900 shares in the company, valued at C$125,198. This trade represents a ∞ increase in their position. 15.28% of the stock is owned by insiders.

MCAN Mortgage Company Profile

MCAN Mortgage Corporation d/b/a MCAN Financial Group is a public company listed on the Toronto Stock Exchange under the symbol MKP and is a reporting issuer in all provinces and territories in Canada. MCAN also qualifies as a Mortgage Investment Corporation (“MIC”) under the Income Tax Act (Canada). MCAN is the largest MIC in Canada and the only federally regulated MIC that issues term deposits eligible for Canada Deposit Insurance Corporation deposit insurance. MCAN’s primary objective is to generate a reliable stream of income by investing in a diversified portfolio of Canadian mortgages, including residential mortgages, residential construction, non-residential construction, and commercial loans, as well as other types of securities, loans, and real estate investments.