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

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

Canadian Banc Price Performance

The company has a market capitalization of C$419.61 million, a PE ratio of 5.89 and a beta of 1.22. The company has a debt-to-equity ratio of 98.31, a current ratio of 1.98 and a quick ratio of 2.23. The company's 50 day simple moving average is C$11.70 and its 200 day simple moving average is C$11.43.

Canadian Banc Increases Dividend

The business also recently declared a monthly dividend, which was paid on Thursday, July 10th. Shareholders of record on Thursday, July 10th were paid a $0.1467 dividend. This is a positive change from Canadian Banc's previous monthly dividend of $0.14. This represents a $1.76 annualized dividend and a yield of 14.42%. The ex-dividend date of this dividend was Monday, June 30th. Canadian Banc's dividend payout ratio is currently 80.61%.

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.