Canadian Banc (TSE:BK) Reaches New 1-Year High – Still a Buy?

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

Canadian Banc Trading Up 0.9%

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 stock has a market cap of C$871.15 million, a P/E ratio of 3.83 and a beta of 1.29. The business’s fifty day simple moving average is C$15.02 and its 200 day simple moving average is C$14.50.

Canadian Banc Increases Dividend

The company also recently announced a monthly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, June 10th were paid a $0.169 dividend. This is an increase from Canadian Banc’s previous monthly dividend of $0.17. The ex-dividend date of this dividend was Friday, May 29th. This represents a c) annualized dividend and a dividend yield of 12.5%. Canadian Banc’s 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.