Canadian Banc (TSE:BK) Hits New 12-Month High – Should You Buy?

Canadian Banc Corp. (TSE:BK) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$14.83 and last traded at C$14.80, with a volume of 110718 shares traded. The stock had previously closed at C$14.53.

Canadian Banc Stock Performance

The firm has a market capitalization of C$797.84 million, a PE ratio of 3.19 and a beta of 1.13. The company has a debt-to-equity ratio of 69.49, a current ratio of 2.47 and a quick ratio of 2.23. The stock has a 50-day moving average price of C$14.25 and a 200-day moving average price of C$14.31.

Canadian Banc Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, May 8th. Stockholders of record on Friday, May 8th were given a dividend of $0.1675 per share. This represents a c) dividend on an annualized basis and a dividend yield of 13.6%. The ex-dividend date of this dividend was Thursday, April 30th. Canadian Banc’s payout ratio is presently 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.