Canadian Banc (TSE:BK) Stock Price Passes Above Fifty Day Moving Average - Here's Why

Key Points

• Shares of Canadian Banc Corp. crossed above its 50-day moving average of C$12.35, trading at C$12.91 with a volume of 135,522 shares.
• The company has announced an increase in its monthly dividend to $0.1507, up from $0.15, representing a 14.0% annualized dividend yield.
• Canadian Banc Corp. has a market capitalization of C$443.67 million and a PE ratio of 6.23, indicating a solid position in the market.

Canadian Banc Corp. (TSE:BK - Get Free Report)'s stock price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of C$12.35 and traded as high as C$12.94. Canadian Banc shares last traded at C$12.91, with a volume of 135,522 shares trading hands.

Canadian Banc Price Performance

The firm has a market capitalization of C$451.92 million, a P/E ratio of 6.35 and a beta of 1.22. The firm has a 50 day moving average price of C$12.43 and a 200-day moving average price of C$11.64. The company has a current ratio of 1.98, a quick ratio of 2.23 and a debt-to-equity ratio of 98.31.

Canadian Banc Increases Dividend

The firm also recently declared a monthly dividend, which was paid on Friday, August 8th. Stockholders of record on Friday, August 8th were issued a $0.1507 dividend. The ex-dividend date was Thursday, July 31st. This is a positive change from Canadian Banc's previous monthly dividend of $0.15. This represents a c) annualized dividend and a dividend yield of 13.8%. Canadian Banc's dividend payout ratio (DPR) 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.