Canadian Banc (TSE:BK) Reaches New 12-Month High – Time to Buy?

Canadian Banc Corp. (TSE:BK) shares hit a new 52-week high on Tuesday . The company traded as high as C$15.44 and last traded at C$15.40, with a volume of 362176 shares changing hands. The stock had previously closed at C$15.11.

Canadian Banc Price Performance

The stock’s fifty day moving average price is C$14.39 and its two-hundred day moving average price is C$14.34. The firm has a market capitalization of C$830.18 million, a price-to-earnings ratio of 3.65 and a beta of 1.13. The company has a current ratio of 2.47, a quick ratio of 2.23 and a debt-to-equity ratio of 69.49.

Canadian Banc Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Wednesday, June 10th will be issued a $0.169 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 13.2%. The ex-dividend date is Friday, May 29th. This is a positive change from Canadian Banc’s previous monthly dividend of $0.17. Canadian Banc’s dividend payout ratio (DPR) 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.