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

Key Points

• Canadian Banc Corp. (TSE:BK) shares reached a new 52-week high of C$13.20 with a volume of 26,141 shares traded.
• The company announced an increased monthly dividend of $0.1591, set to be paid out on September 10th, representing a significant annual yield of 14.5%.
• Canadian Banc has a market cap of C$502.71 million and a notable debt-to-equity ratio of 98.31.

Canadian Banc Corp. (TSE:BK - ) shares hit a new 52-week high on Tuesday . The company traded as high as C$13.20 and last traded at C$13.20, with a volume of 26141 shares changing hands. The stock had previously closed at C$13.17.

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's 50 day simple moving average is C$12.60 and its two-hundred day simple moving average is C$11.72. The stock has a market cap of C$502.71 million, a P/E ratio of 3.82 and a beta of 0.89.

Canadian Banc Increases Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Wednesday, September 10th will be paid a $0.1591 dividend. The ex-dividend date of this dividend is Friday, August 29th. This is an increase from Canadian Banc's previous monthly dividend of $0.15. This represents a c) dividend on an annualized basis and a yield of 14.5%. Canadian Banc's payout ratio is presently 49.43%.

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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