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

Canadian Banc Corp. (TSE:BK - Get Free Report) passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of C$11.00 and traded as high as C$11.83. Canadian Banc shares last traded at C$11.74, with a volume of 151,208 shares trading hands.

Canadian Banc Trading Down 0.5%

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 firm has a market cap of C$400.37 million, a price-to-earnings ratio of 5.62 and a beta of 1.22. The business's fifty day moving average is C$11.01 and its two-hundred day moving average is C$11.42.

Canadian Banc Cuts Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Tuesday, June 10th will be given a dividend of $0.137 per share. The ex-dividend date is Friday, May 30th. This represents a $1.64 annualized dividend and a yield of 14.11%. Canadian Banc's dividend payout ratio (DPR) 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.