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

Key Points

• National Bank Financial cut MCAN Mortgage’s price target from C$27.00 to C$25.00 while maintaining an “outperform” rating, implying 16.55% potential upside from the reported C$21.45 share price.
• MCAN shares fell C$0.37 during Wednesday trading. The company reported quarterly EPS of C$0.59 on revenue of C$43.34 million, with analysts forecasting full-year EPS of C$2.51.
• Director Emily Anne Randle purchased 5,900 shares for approximately C$125,198, while company insiders collectively own 15.28% of MCAN’s stock.

MCAN Mortgage (TSE:MKP - Get Free Report) had its target price reduced by investment analysts at National Bank Financial from C$27.00 to C$25.00 in a research report issued to clients and investors on Wednesday, BayStreet reports. The firm presently has an "outperform" rating on the stock. National Bank Financial's price objective would suggest a potential upside of 16.55% from the stock's current price.

MCAN Mortgage Price Performance

Shares of MKP stock traded down C$0.37 during mid-day trading on Wednesday, hitting C$21.45. The company had a trading volume of 77,044 shares, compared to its average volume of 68,392. MCAN Mortgage has a 52-week low of C$20.16 and a 52-week high of C$26.68. The stock's 50 day moving average price is C$21.45 and its 200-day moving average price is C$23.40. 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 capitalization of C$877.61 million, a P/E ratio of 10.17 and a beta of 0.82.

MCAN Mortgage (TSE:MKP - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported C$0.59 EPS for the quarter. The business 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%. Equities research analysts forecast that MCAN Mortgage will post 2.51 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Emily Anne Randle purchased 5,900 shares of the company's stock in a transaction that occurred on Thursday, September 24th. The stock was bought at an average cost of C$21.22 per share, with a total value of C$125,198.00. Following the completion of the purchase, the director owned 5,900 shares in the company, valued at approximately C$125,198. This represents a ∞ increase in their ownership of the stock. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.