MCAN Mortgage (TSE:MKP) Reaches New 1-Year Low – What’s Next?

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

Wall Street Analysts Forecast Growth

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 analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, MCAN Mortgage currently has an average rating of “Moderate Buy” and an average target price of C$24.67.

MCAN Mortgage Stock Up 1.4%

The company’s 50 day simple moving average is C$21.87 and its 200-day simple moving average is C$23.68. The company has a current ratio of 6.22, a quick ratio of 1.97 and a debt-to-equity ratio of 555.10. The firm has a market cap of C$839.96 million, a P/E ratio of 9.73 and a beta of 0.82.

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

Insiders Place Their Bets

In other news, Director Emily Anne Randle purchased 5,900 shares of the stock in a transaction dated Thursday, September 24th. The shares were purchased at an average cost of C$21.22 per share, with a total value of C$125,198.00. Following the acquisition, the director directly owned 5,900 shares of the company’s stock, valued at C$125,198. This represents a ? increase in their ownership of the stock. Corporate insiders own 15.28% of the company’s stock.

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.