National Bank cuts price targets on four Canadian mortgage and finance firms

what happened

According to Dow Jones Newswires, National Bank analysts kept a Sector Perform rating on Atrium Mortgage Investment Corp., Fiera Capital Corp., Timbercreek Financial Corp. and Firm Capital Mortgage Investment Corp., and confirmed an Outperform rating on MCAN Mortgage Corp.

Price targets were lowered for four companies: Atrium Mortgage to C$11.50 from C$12.00, Fiera Capital to C$3.25 from C$5.00, MCAN Mortgage to C$25.00 from C$27.00 and Timbercreek Financial to C$6.00 from C$6.50. The report on Firm Capital Mortgage Investment Corp. only confirms its rating and includes no target change.

why it matters

Analyst rating changes like these are routine for the market, but for shares of small Canadian mortgage lenders they show how a major bank currently assesses their outlook. The steepest cut was at Fiera Capital, where the target fell by more than a third.

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