Canadian Banc (TSE:BK) Shares Climb 1.9% – Time to Buy?

Canadian Banc Corp. (TSE:BK) shot 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 Performance

The firm has a market capitalization of C$820.48 million, a PE ratio of 2.00 and a beta of 0.89. The company has a debt-to-equity ratio of 63.79, a quick ratio of 2.23 and a current ratio of 2.60. The company’s fifty day moving average price is C$15.43 and its two-hundred day moving average price is C$15.30.

Canadian Banc Increases Dividend

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