Premium Income (TSE:PIC.A) Reaches New 52-Week High - Here's What Happened

Key Points

• Premium Income Corporation's shares reached a new 1-year high of C$7.05, closing at C$6.99 with a trading volume of 114,403 shares.
• The company has a market cap of C$135.47 million and a high debt-to-equity ratio of 562.70, indicating significant leverage.
• Premium Income focuses on providing quarterly cash distributions to Class A shareholders by investing primarily in the stocks of major Canadian banks.

Premium Income Corporation (TSE:PIC.A - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The company traded as high as C$7.05 and last traded at C$6.99, with a volume of 114403 shares changing hands. The stock had previously closed at C$6.94.

Premium Income Stock Down 0.3%

The firm has a market cap of C$138.95 million, a PE ratio of 0.00 and a beta of 1.20. The business's 50 day moving average price is C$6.50 and its 200 day moving average price is C$5.79. The company has a debt-to-equity ratio of 562.70, a current ratio of 1.18 and a quick ratio of 1.45.

About Premium Income

to provide Class A shareholders with quarterly cash distributions equal to the amount, if any, by which the net realized capital gains, dividends and option premiums (other than option premiums in respect of options outstanding at year-end) earned on the Funds portfolio in any year, net of expenses and loss carry forwards, exceed the amount of the distributions paid on Class A shares upon windup of the Fund To accomplish its objectives, the Fund invests at least 75 percent of its net asset value (``NAV) in common shares of the Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and The Toronto-Dominion Bank (collectively, the ``Banks) and may also invest up to 25 percent of its NAV in common shares of National Bank of Canada.