MCAN Mortgage (TSE:MKP) Stock Gets Price Target Reduction from National Bank Financial

MCAN Mortgage (TSE:MKP) had its target price trimmed by National Bank Financial from C$27.00 to C$25.00 in a report issued on Wednesday,BayStreet reports. The brokerage currently has an outperform rating on the stock.

MCAN Mortgage Stock Performance

MCAN Mortgage stock opened at C$22.06 on Wednesday. MCAN Mortgage has a 12 month low of C$20.16 and a 12 month high of C$26.68. The stock’s 50-day moving average is C$21.37 and its 200-day moving average is C$23.39. The company has a debt-to-equity ratio of 555.10, a current ratio of 6.22 and a quick ratio of 1.97. The company has a market cap of C$902.56 million, a price-to-earnings ratio of 10.45 and a beta of 0.82.

MCAN Mortgage (TSE:MKP) last announced its quarterly earnings results on Thursday, October 29th. The company reported C$0.47 earnings per share for the quarter. The firm had revenue of C$37.74 million for the quarter. MCAN Mortgage had a net margin of 26.55% and a return on equity of 13.08%. Equities analysts anticipate that MCAN Mortgage will post 2.51 earnings per share for the current year.

Insider Buying and Selling at MCAN Mortgage

In other news, Director Emily Anne Randle purchased 5,900 shares of the stock in a transaction that occurred on Thursday, September 24th. The stock was acquired at an average cost 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 approximately C$125,198. This trade represents a ∞ increase in their ownership of the stock. Company insiders own 15.28% of the company’s stock.

About MCAN Mortgage

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.