Canadian Banc Corp. (TSE:BK) Plans Dividend Increase – $0.22 Per Share

Canadian Banc Corp. (TSE:BK) announced a monthly dividend on Monday, August 31st, TickerTech Dividends reports. Shareholders of record on Thursday, September 10th will be paid a dividend of 0.2156 per share on Thursday, September 10th. This represents a c) annualized dividend and a yield of 15.5%. The ex-dividend date of this dividend is Monday, August 31st. This is a 4.9% increase from Canadian Banc’s previous monthly dividend of $0.21.

Canadian Banc Stock Performance

TSE:BK opened at C$16.71 on Friday. The company has a debt-to-equity ratio of 63.79, a quick ratio of 2.23 and a current ratio of 2.60. Canadian Banc has a fifty-two week low of C$9.71 and a fifty-two week high of C$17.72. The firm has a market cap of C$900.80 million, a PE ratio of 2.20 and a beta of 1.28. The business has a 50 day moving average price of C$16.87 and a 200-day moving average price of C$15.30.

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.