Canadian Banc (TSE:BK) Reaches New 1-Year High – Time to Buy?

Canadian Banc Corp. (TSE:BK)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as C$16.75 and last traded at C$16.69, with a volume of 125032 shares changing hands. The stock had previously closed at C$16.60.

Canadian Banc Trading Up 0.6%

The stock has a 50-day moving average price of C$15.51 and a two-hundred day moving average price of C$14.67. The stock has a market cap of C$900.26 million, a PE ratio of 3.95 and a beta of 1.27. The company has a debt-to-equity ratio of 69.49, a current ratio of 2.47 and a quick ratio of 2.23.

Canadian Banc Increases Dividend

The firm also recently declared a monthly dividend, which was paid on Wednesday, June 10th. Investors of record on Wednesday, June 10th were issued a $0.169 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 12.1%. 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. 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.