Canadian Banc (TSE:BK) Sets New 1-Year High - What's Next?

Canadian Banc Corp. (TSE:BK - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$12.58 and last traded at C$12.54, with a volume of 68187 shares traded. The stock had previously closed at C$12.47.

Canadian Banc Price Performance

The company's 50 day moving average price is C$11.94 and its 200-day moving average price is C$11.49. The company has a market cap of C$439.55 million, a price-to-earnings ratio of 6.17 and a beta of 1.22. 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 Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, August 8th. Investors of record on Friday, August 8th will be issued a dividend of $0.1507 per share. This is a boost from Canadian Banc's previous monthly dividend of $0.15. This represents a $1.81 annualized dividend and a dividend yield of 14.14%. The ex-dividend date of this dividend is Thursday, July 31st. Canadian Banc's dividend payout ratio (DPR) is currently 80.61%.

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.