Canaccord Genuity Group Forecasts Strong Price Appreciation for MCAN Mortgage (TSE:MKP) Stock

MCAN Mortgage (TSE:MKP) had its target price boosted by equities researchers at Canaccord Genuity Group from C$24.00 to C$26.00 in a research note issued on Wednesday,BayStreet.CA reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 7.04% from the company’s previous close.

Separately, BMO Capital Markets upped their price target on MCAN Mortgage from C$20.00 to C$21.00 and gave the company a “hold” rating in a research report on Monday, November 10th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, MCAN Mortgage has a consensus rating of “Moderate Buy” and an average target price of C$23.50.

MCAN Mortgage Stock Down 0.3%

Shares of MKP opened at C$24.29 on Wednesday. The firm has a fifty day simple moving average of C$22.89 and a two-hundred day simple moving average of C$22.11. MCAN Mortgage has a twelve month low of C$16.70 and a twelve month high of C$25.49. The stock has a market capitalization of C$976.92 million, a P/E ratio of 14.72 and a beta of 0.46.

MCAN Mortgage (TSE:MKP) last issued its quarterly earnings data on Monday, February 23rd. The company reported C$0.43 EPS for the quarter. The firm had revenue of C$37.60 million during the quarter. MCAN Mortgage had a net margin of 52.77% and a return on equity of 15.63%. Sell-side analysts expect that MCAN Mortgage will post 2.5108359 EPS for the current fiscal year.

About MCAN Mortgage

MCAN Financial Group is a mortgage investment company whose objective is to generate a reliable stream of income by investing its funds in a portfolio of mortgages (including single family residential, residential construction, non-residential construction and commercial loans), as well as other types of loans and investments, real estate and securitization investments. The company derives most of its revenues from mortgage income and equity income.