Canadian Banc (TSE:BK) Sets New 1-Year High – Here’s What Happened

Canadian Banc Corp. (TSE:BK) shares hit a new 52-week high during trading on Wednesday . The company traded as high as C$15.95 and last traded at C$15.86, with a volume of 172792 shares. The stock had previously closed at C$15.13.

Canadian Banc Trading Up 3.7%

The company has a current ratio of 2.47, a quick ratio of 2.23 and a debt-to-equity ratio of 69.49. The firm has a market cap of C$768.92 million, a PE ratio of 3.38 and a beta of 1.13. The company has a 50-day simple moving average of C$14.08 and a 200 day simple moving average of C$14.26.

Canadian Banc Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Friday, May 8th. Shareholders of record on Friday, May 8th were issued a $0.1675 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a c) dividend on an annualized basis and a yield of 12.8%. Canadian Banc’s payout ratio is presently 33.61%.

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.