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

Canadian Banc Corp. (TSE:BK)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as C$16.75 and last traded at C$16.69, with a volume of 125032 shares changing hands. The stock had previously closed at C$16.60.

Canadian Banc Trading Up 0.6%

The company has a debt-to-equity ratio of 69.49, a current ratio of 2.47 and a quick ratio of 2.23. The stock has a market capitalization of C$900.26 million, a P/E ratio of 3.95 and a beta of 1.27. The stock’s fifty day moving average price is C$15.51 and its 200 day moving average price is C$14.67.

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 issued a $0.169 dividend. The ex-dividend date was Friday, May 29th. This represents a c) annualized dividend and a dividend yield of 12.1%. This is a positive change from Canadian Banc’s previous monthly dividend of $0.17. Canadian Banc’s dividend payout ratio (DPR) is currently 33.61%.

About Canadian Banc

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.