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

Canadian Banc Corp. (TSE:BK) hit a new 52-week high during mid-day trading on Monday . The company traded as high as C$15.46 and last traded at C$15.41, with a volume of 55028 shares. The stock had previously closed at C$15.28.

Canadian Banc Price Performance

The stock’s fifty day moving average price is C$14.80 and its 200-day moving average price is C$14.44. The firm has a market cap of C$828.57 million, a price-to-earnings ratio of 3.64 and a beta of 1.29. 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 declared a monthly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Wednesday, June 10th were issued a dividend of $0.169 per share. The ex-dividend date was Friday, May 29th. This represents a c) dividend on an annualized basis and a dividend yield of 13.2%. This is an increase from Canadian Banc’s previous monthly dividend of $0.17. Canadian Banc’s payout ratio is 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.