Canadian Banc (TSE:BK) Sets New 1-Year High – Here’s Why

Shares of Canadian Banc Corp. (TSE:BK) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as C$14.29 and last traded at C$14.10, with a volume of 166725 shares trading hands. The stock had previously closed at C$14.28.

Canadian Banc Trading Down 0.4%

The firm has a market capitalization of C$582.36 million, a PE ratio of 4.43 and a beta of 0.89. The firm has a 50 day simple moving average of C$13.24 and a 200 day simple moving average of C$12.05. The company has a current ratio of 1.98, a quick ratio of 2.23 and a debt-to-equity ratio of 98.31.

Canadian Banc Announces Dividend

The firm also recently disclosed a sep 25 dividend, which will be paid on Friday, October 10th. Investors of record on Tuesday, September 30th will be issued a $0.164 dividend. Canadian Banc’s payout ratio is 49.43%.

About Canadian Banc

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.