Canadian Banc (TSE:BK) Sets New 1-Year High – Here’s Why

Canadian Banc Corp. (TSE:BK) shares hit a new 52-week high on Thursday . The stock traded as high as C$17.72 and last traded at C$17.70, with a volume of 299196 shares changing hands. The stock had previously closed at C$17.20.

Canadian Banc Price Performance

The business’s 50-day moving average price is C$15.70 and its 200 day moving average price is C$14.74. The company has a quick ratio of 2.23, a current ratio of 2.47 and a debt-to-equity ratio of 69.49. The company has a market capitalization of C$954.17 million, a P/E ratio of 4.19 and a beta of 1.27.

Canadian Banc Increases Dividend

The company also recently announced a monthly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Wednesday, June 10th were paid a $0.169 dividend. The ex-dividend date was Friday, May 29th. This represents a c) annualized dividend and a yield of 11.5%. This is a boost from Canadian Banc’s previous monthly dividend of $0.17. Canadian Banc’s dividend payout ratio is currently 33.61%.

Canadian Banc Company Profile

The Companys investment objectives are (i) to provide holders of Preferred Shares with cumulative preferential floating rate monthly cash dividends at a rate per annum equal to the Prime Rate plus 0.75%, with a minimum annual rate of 5.0% and a maximum annual rate of 7.0% (ii) to provide holders of Class A Shares with regular floating rate monthly cash distributions targeted to be at a rate per annum equal to the Prime Rate plus 2.0%, with a minimum targeted annual rate of 5.0% and a maximum targeted annual rate of 10.0% and (iii) to return the original issue price to holders of both Preferred Shares and Class A Shares at the time of the redemption of such shares on December 1, 2012.