MCAN Mortgage (TSE:MKP) Announces Earnings Results

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

MCAN Mortgage Trading Up 1.8%

Shares of MKP traded up C$0.38 during trading hours on Thursday, reaching C$21.84. 112,842 shares of the company traded hands, compared to its average volume of 68,872. The stock’s fifty day moving average price is C$21.38 and its 200 day moving average price is C$23.39. 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$893.56 million, a price-to-earnings ratio of 10.35 and a beta of 0.82. MCAN Mortgage has a 12-month low of C$20.16 and a 12-month high of C$26.68.

Insider Activity at MCAN Mortgage

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

Analyst Upgrades and Downgrades

Separately, National Bank Financial reduced their target price on shares of MCAN Mortgage from C$27.00 to C$25.00 and set an “outperform” rating for the company in a report on Wednesday. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of C$24.00.

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.