Canadian Banc (TSE:BK) Sets New 52-Week High – Time to Buy?

Canadian Banc Corp. (TSE:BK)’s share price reached a new 52-week high on Monday . The company traded as high as C$16.22 and last traded at C$16.21, with a volume of 128715 shares traded. The stock had previously closed at C$16.01.

Canadian Banc Stock Down 0.7%

The company has a market capitalization of C$883.55 million, a PE ratio of 3.88 and a beta of 1.29. The company has a current ratio of 2.47, a quick ratio of 2.23 and a debt-to-equity ratio of 69.49. The firm has a 50 day simple moving average of C$15.11 and a two-hundred day simple moving average of C$14.54.

Canadian Banc Increases Dividend

The business also recently declared a monthly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, June 10th were issued a dividend of $0.169 per share. This is a boost from Canadian Banc’s previous monthly dividend of $0.17. This represents a c) annualized dividend and a dividend yield of 12.4%. The ex-dividend date of this dividend was Friday, May 29th. Canadian Banc’s dividend payout ratio is 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.