Canadian Banc (TSE:BK) Sets New 52-Week High - Time to 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 - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as C$13.20 and last traded at C$13.20, with a volume of 26141 shares trading hands. The stock had previously closed at C$13.17.

Canadian Banc Stock Up 0.2%

The stock has a market cap of C$522.55 million, a PE ratio of 3.97 and a beta of 0.89. The firm has a fifty day moving average of C$12.72 and a 200 day moving average of C$11.77. The company has a quick ratio of 2.23, a current ratio of 1.98 and a debt-to-equity ratio of 98.31.

Canadian Banc Increases Dividend

The firm also recently announced a monthly dividend, which was paid on Wednesday, September 10th. Investors of record on Wednesday, September 10th were issued a $0.1591 dividend. This represents a c) annualized dividend and a yield of 13.9%. This is a boost from Canadian Banc's previous monthly dividend of $0.15. The ex-dividend date of this dividend was Friday, August 29th. Canadian Banc's dividend payout ratio is currently 49.43%.

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.