Canadian Banc (TSE:BK) Hits New 12-Month High - Here's What Happened

Canadian Banc Corp. (TSE:BK - Get Free Report) shares hit a new 52-week high during trading on Thursday . The company traded as high as C$12.29 and last traded at C$12.26, with a volume of 66601 shares. The stock had previously closed at C$12.19.

Canadian Banc Stock Down 0.9%

The company has a quick ratio of 2.23, a current ratio of 1.98 and a debt-to-equity ratio of 98.31. The stock has a market cap of C$416.52 million, a PE ratio of 5.85 and a beta of 1.22. The business has a 50 day moving average price of C$11.64 and a 200 day moving average price of C$11.43.

Canadian Banc Increases Dividend

The business also recently announced a monthly dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, July 10th were paid a $0.1467 dividend. This is an increase from Canadian Banc's previous monthly dividend of $0.14. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 14.52%. Canadian Banc's dividend payout ratio is presently 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.