Canadian Banc (TSE:BK) Stock Jumps 1.9% – Should You Buy?

Canadian Banc Corp. (TSE:BK) traded up 1.9% during trading on Wednesday. The company traded as high as C$15.22 and last traded at C$15.22. Approximately 127,508 shares changed hands during trading, a decline of 46% from the average session volume of 237,491 shares. The stock had previously closed at C$14.94.

Canadian Banc Stock Up 0.1%

The business has a 50-day moving average price of C$15.41 and a 200 day moving average price of C$15.30. The company has a current ratio of 2.60, a quick ratio of 2.23 and a debt-to-equity ratio of 63.79. The stock has a market capitalization of C$818.32 million, a P/E ratio of 2.00 and a beta of 0.89.

Canadian Banc Increases Dividend

The firm also recently declared a monthly dividend, which was paid on Thursday, September 10th. Investors of record on Thursday, September 10th were paid a dividend of $0.2156 per share. The ex-dividend date of this dividend was Monday, August 31st. This is a positive change from Canadian Banc’s previous monthly dividend of $0.2055. This represents a $2.59 dividend on an annualized basis and a yield of 17.0%. Canadian Banc’s payout ratio is currently 22.81%.

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.