Canoe EIT Income Fund (TSE:EIT.UN) Reaches New 12-Month High – Should You Buy?

Canoe EIT Income Fund (TSE:EIT.UN)’s share price hit a new 52-week high during trading on Wednesday. The stock traded as high as C$18.06 and last traded at C$18.03, with a volume of 19,729 shares trading hands. The stock had previously closed at C$17.89.

Canoe EIT Income Fund Stock Down 0.2%

The firm has a 50 day moving average price of C$17.63 and a 200 day moving average price of C$17.26. The stock has a market cap of C$3.49 billion, a PE ratio of 6.03 and a beta of -0.54.

Canoe EIT Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, November 13th will be issued a dividend of $0.10 per share. This represents a $1.20 annualized dividend and a yield of 6.6%. The ex-dividend date is Thursday, October 22nd. Canoe EIT Income Fund’s dividend payout ratio is presently 39.87%.

About Canoe EIT Income Fund

The investment objectives of the Fund are to maximize monthly distributions relative to risk and maximize Net Asset Value, while maintaining and expanding a diversified investment portfolio, primarily through acquiring, investing, holding, transferring, disposing of or otherwise dealing with or in equity and debt securities of corporations, partnerships, or other issuers and such other investments as the Manager may determine in its sole discretion from time to time. The investment objectives set forth above may be achieved through direct acquisitions, investments or, at the election of the Manager, through exchange offers completed by the Fund from time to time.