Canadian Banc (TSE:BK) Hits New 52-Week High Following Dividend Announcement

Key Points

• Canadian Banc Corp. (TSE:BK) reached a new 52-week high of C$15.20 after announcing a dividend payment scheduled for October 10th.
• The dividend will be $0.164 per share for shareholders of record as of September 30th, with a payout ratio of 49.43%.
• The company's stock has a market capitalization of C$566.79 million and a price-to-earnings ratio of 4.31.

Canadian Banc Corp. (TSE:BK - )'s stock price hit a new 52-week high during trading on Wednesday following a dividend announcement from the company. The stock traded as high as C$15.20 and last traded at C$14.88, with a volume of 290912 shares trading hands. The stock had previously closed at C$14.85.The newly announced dividend which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be issued a $0.164 dividend. Canadian Banc's dividend payout ratio (DPR) is presently 49.43%.

Canadian Banc Stock Up 0.1%

The company has a debt-to-equity ratio of 98.31, a quick ratio of 2.23 and a current ratio of 1.98. The stock has a market cap of C$566.79 million, a price-to-earnings ratio of 4.31 and a beta of 0.89. The firm's 50-day simple moving average is C$13.01 and its two-hundred day simple moving average is C$11.91.

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.

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