Canadian Banc (TSE:BK) Stock Price Up 1.9% – Here’s What Happened

Canadian Banc Corp. (TSE:BK) shares rose 1.9% on Wednesday. The stock traded as high as C$15.22 and last traded at C$15.22. 127,508 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 237,491 shares. The stock had previously closed at C$14.94.

Canadian Banc Stock Up 1.9%

The stock has a market cap of C$820.48 million, a price-to-earnings ratio of 2.00 and a beta of 0.89. The company has a quick ratio of 2.23, a current ratio of 2.60 and a debt-to-equity ratio of 63.79. The stock has a fifty day moving average of C$15.43 and a two-hundred day moving average of C$15.30.

Canadian Banc Increases Dividend

The company also recently declared a monthly dividend, which was paid on Thursday, September 10th. Shareholders of record on Thursday, September 10th were paid a dividend of $0.2156 per share. This is a boost from Canadian Banc’s previous monthly dividend of $0.2055. This represents a $2.59 annualized dividend and a yield of 17.0%. The ex-dividend date was Monday, August 31st. Canadian Banc’s payout ratio is currently 22.81%.

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.