Canadian Banc (TSE:BK) Reaches New 12-Month High - Should You Buy?

Canadian Banc Corp. (TSE:BK - Get Free Report)'s share price reached a new 52-week high during trading on Friday . The company traded as high as C$12.20 and last traded at C$12.19, with a volume of 59045 shares traded. The stock had previously closed at C$12.12.

Canadian Banc Stock Down 0.7%

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 capitalization of C$415.15 million, a P/E ratio of 5.83 and a beta of 1.22. The stock has a fifty day moving average price of C$11.58 and a 200 day moving average price of C$11.41.

Canadian Banc Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, July 10th will be given a $0.1467 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 14.57%. The ex-dividend date of this dividend is Monday, June 30th. This is an increase from Canadian Banc's previous monthly dividend of $0.14. 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.