Canoe EIT Income Fund (TSE:EIT.UN) Sets New 1-Year High – Time to Buy?

Canoe EIT Income Fund (TSE:EIT.UN)’s stock price hit a new 52-week high on Wednesday . The company traded as high as C$17.35 and last traded at C$17.25, with a volume of 202735 shares changing hands. The stock had previously closed at C$17.23.

Canoe EIT Income Fund Price Performance

The company has a market capitalization of C$3.22 billion, a price-to-earnings ratio of 8.63 and a beta of 0.22. The stock has a 50 day moving average price of C$16.73 and a two-hundred day moving average price of C$16.34.

Canoe EIT Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 15th will be paid a $0.10 dividend. The ex-dividend date is Monday, May 25th. This represents a c) dividend on an annualized basis and a dividend yield of 7.0%. Canoe EIT Income Fund’s dividend payout ratio (DPR) is 60.00%.

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.