Canadian Banc (TSE:BK) Hits New 1-Year High - Still a Buy?

Canadian Banc Corp. (TSE:BK - Get Free Report)'s share price hit a new 52-week high during trading on Thursday . The company traded as high as C$12.29 and last traded at C$12.28, with a volume of 98911 shares changing hands. The stock had previously closed at C$12.18.

Canadian Banc Stock Performance

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 stock has a market cap of C$423.39 million, a price-to-earnings ratio of 5.95 and a beta of 1.22. The firm has a fifty day moving average of C$11.82 and a 200 day moving average of C$11.45.

Canadian Banc Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, August 8th. Shareholders of record on Friday, August 8th will be paid a dividend of $0.1507 per share. This is a boost from Canadian Banc's previous monthly dividend of $0.15. The ex-dividend date is Thursday, July 31st. This represents a $1.81 annualized dividend and a yield of 14.68%. Canadian Banc's dividend payout ratio (DPR) is 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.