MCAN Mortgage Co. (TSE:MKP – Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday. The company traded as low as C$20.25 and last traded at C$20.29, with a volume of 19344 shares trading hands. The stock had previously closed at C$20.57.
Analyst Upgrades and Downgrades
Separately, National Bank Financial set a C$27.00 target price on MCAN Mortgage and gave the stock an “outperform” rating in a report on Monday, June 29th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$24.67.
Read Our Latest Research Report on MKP
MCAN Mortgage Stock Down 1.3%
MCAN Mortgage (TSE:MKP – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported C$0.59 earnings per share (EPS) for the quarter. The company had revenue of C$43.34 million during the quarter. MCAN Mortgage had a return on equity of 13.08% and a net margin of 26.55%. As a group, equities research analysts anticipate that MCAN Mortgage Co. will post 2.5108359 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, Director Emily Anne Randle acquired 5,900 shares of the stock in a transaction on Thursday, September 24th. The shares were purchased at an average price of C$21.22 per share, for a total transaction of C$125,198.00. Following the transaction, the director directly owned 5,900 shares of the company’s stock, valued at approximately C$125,198. This represents a ∞ increase in their ownership of the stock. 15.28% of the stock is currently owned by corporate 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.
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