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

Shares of Canadian Banc Corp. (TSE:BK) hit a new 52-week high on Monday . The company traded as high as C$15.46 and last traded at C$15.41, with a volume of 55028 shares trading hands. The stock had previously closed at C$15.28.

Canadian Banc Trading Up 1.2%

The stock has a market cap of C$840.96 million, a price-to-earnings ratio of 3.69 and a beta of 1.29. The company has a quick ratio of 2.23, a current ratio of 2.47 and a debt-to-equity ratio of 69.49. The business has a 50-day moving average of C$14.88 and a 200-day moving average of C$14.46.

Canadian Banc Increases Dividend

The company also recently disclosed a monthly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, June 10th were given a dividend of $0.169 per share. The ex-dividend date of this dividend was Friday, May 29th. This is a positive change from Canadian Banc’s previous monthly dividend of $0.17. This represents a c) dividend on an annualized basis and a yield of 13.0%. Canadian Banc’s payout ratio is 33.61%.

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.