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

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

Canadian Banc Price Performance

The business’s fifty day simple moving average is C$15.70 and its 200-day simple moving average is C$14.74. 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 market cap of C$954.17 million, a P/E ratio of 4.19 and a beta of 1.27.

Canadian Banc Increases Dividend

The business also recently declared a monthly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, June 10th were given a $0.169 dividend. This represents a c) annualized dividend and a dividend yield of 11.5%. This is a boost from Canadian Banc’s previous monthly dividend of $0.17. The ex-dividend date was Friday, May 29th. Canadian Banc’s dividend payout ratio (DPR) is presently 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.