Canadian Banc Corp. (TSE:BK) to Issue Monthly Dividend of $0.15

Key Points

• Canadian Banc Corp. has raised its monthly dividend to $0.15 per share, marking a 2.7% increase from the previous dividend of $0.15.
• The ex-dividend date for this increase is July 31st, with shareholders of record set to be paid on August 8th.
• Currently, Canadian Banc's stock has a dividend yield of 14.19% along with a market capitalization of C$437.83 million.

Canadian Banc Corp. (TSE:BK - Get Free Report) announced a monthly dividend on Thursday, July 31st, TickerTech Dividends reports. Shareholders of record on Friday, August 8th will be given a dividend of 0.1507 per share on Friday, August 8th. This represents a c) dividend on an annualized basis and a yield of 14.6%. The ex-dividend date is Thursday, July 31st. This is a 2.7% increase from Canadian Banc's previous monthly dividend of $0.15.

Canadian Banc Trading Down 1.6%

Shares of TSE:BK traded down C$0.20 during trading on Friday, reaching C$12.42. The stock had a trading volume of 205,840 shares, compared to its average volume of 119,032. The firm's fifty day moving average is C$12.06 and its 200 day moving average is C$11.52. The company has a debt-to-equity ratio of 98.31, a quick ratio of 2.23 and a current ratio of 1.98. Canadian Banc has a 52 week low of C$9.39 and a 52 week high of C$12.85. The stock has a market cap of C$426.83 million, a price-to-earnings ratio of 5.99 and a beta of 1.22.

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.