MCAN Mortgage (TSE:MKP) Releases Quarterly Earnings Results

MCAN Mortgage (TSE:MKP) released its quarterly earnings results on Thursday. The company reported C$0.47 earnings per share for the quarter, FiscalAI reports. The business had revenue of C$37.74 million during the quarter. MCAN Mortgage had a return on equity of 13.08% and a net margin of 26.55%.

MCAN Mortgage Stock Up 1.8%

MCAN Mortgage stock opened at C$21.84 on Friday. The company has a market capitalization of C$893.56 million, a PE ratio of 10.35 and a beta of 0.82. The company has a debt-to-equity ratio of 555.10, a quick ratio of 1.97 and a current ratio of 6.22. MCAN Mortgage has a fifty-two week low of C$20.16 and a fifty-two week high of C$26.68. The firm has a 50 day moving average price of C$21.38 and a 200 day moving average price of C$23.39.

Insider Buying and Selling

In other news, Director Emily Anne Randle purchased 5,900 shares of the firm’s stock in a transaction on Thursday, September 24th. The shares were bought at an average cost of C$21.22 per share, for a total transaction of C$125,198.00. Following the completion of the purchase, the director directly owned 5,900 shares of the company’s stock, valued at approximately C$125,198. This trade represents a ∞ increase in their ownership of the stock. 15.28% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, National Bank Financial reduced their price objective on shares of MCAN Mortgage from C$27.00 to C$25.00 and set an “outperform” rating on the stock in a report on Wednesday. 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, MCAN Mortgage presently has a consensus rating of “Moderate Buy” and an average price target of C$24.00.

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.