Canadian Banc (TSE:BK) Share Price Crosses Above 50-Day Moving Average - Here's What Happened

Key Points

• Canadian Banc Corp. shares crossed above the 50-day moving average at C$12.70, signaling potential upward momentum in trading.
• The company recently increased its monthly dividend to $0.1507, enhancing the dividend yield to 14.3% and indicating a healthy return for shareholders.
• Canadian Banc has a market cap of C$435.42 million and a price-to-earnings ratio of 6.12, suggesting it may be undervalued compared to industry peers.

Canadian Banc Corp. (TSE:BK - Get Free Report) shares passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of C$12.22 and traded as high as C$12.70. Canadian Banc shares last traded at C$12.67, with a volume of 66,153 shares.

Canadian Banc Stock Up 0.2%

The company has a quick ratio of 2.23, a current ratio of 1.98 and a debt-to-equity ratio of 98.31. The company has a market cap of C$438.86 million, a P/E ratio of 6.16 and a beta of 1.22. The company has a fifty day moving average of C$12.30 and a 200 day moving average of C$11.58.

Canadian Banc Increases Dividend

The company also recently declared a monthly dividend, which was paid on Friday, August 8th. Shareholders of record on Friday, August 8th were paid a dividend of $0.1507 per share. The ex-dividend date was Thursday, July 31st. This represents a c) dividend on an annualized basis and a dividend yield of 14.2%. This is an increase from Canadian Banc's previous monthly dividend of $0.15. Canadian Banc's dividend payout ratio is presently 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.