Canadian Banc (TSE:BK) Share Price Passes Above 50-Day Moving Average - What's Next?

Key Points

• Canadian Banc Corp.'s stock recently crossed above its fifty-day moving average, reaching a high of C$13.10 before closing at C$13.04.
• The company announced a dividend increase to $0.1591 per share, reflecting an annualized yield of 14.6% and a payout ratio of 49.43%.
• With a market cap of C$497.37 million and a price-to-earnings ratio of 3.78, Canadian Banc has shown strong financial indicators amid its recent performance.

Canadian Banc Corp. (TSE:BK - Get Free Report) shares crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of C$12.50 and traded as high as C$13.10. Canadian Banc shares last traded at C$13.04, with a volume of 102,227 shares traded.

Canadian Banc Stock Performance

The stock's fifty day moving average is C$12.58 and its two-hundred day moving average is C$11.71. The firm has a market capitalization of C$501.57 million, a price-to-earnings ratio of 3.81 and a beta of 0.89. 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 declared a monthly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Wednesday, September 10th will be issued a dividend of $0.1591 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a c) annualized dividend and a yield of 14.5%. This is a positive change from Canadian Banc's previous monthly dividend of $0.15. Canadian Banc's payout ratio is 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.