Canadian Banc Corp. (TSE:BK) Announces Dividend Increase – $0.17 Per Share

Canadian Banc Corp. (TSE:BK) announced a monthly dividend on Friday, May 29th, TickerTech Dividends reports. Investors of record on Wednesday, June 10th will be paid a dividend of 0.169 per share on Wednesday, June 10th. This represents a c) dividend on an annualized basis and a dividend yield of 13.3%. The ex-dividend date of this dividend is Friday, May 29th. This is a 0.9% increase from Canadian Banc’s previous monthly dividend of $0.17.

Canadian Banc Stock Down 1.0%

Shares of TSE:BK opened at C$15.25 on Wednesday. The business has a 50-day moving average price of C$14.43 and a 200 day moving average price of C$14.35. Canadian Banc has a 12-month low of C$8.66 and a 12-month high of C$15.44. The company has a market capitalization of C$822.10 million, a price-to-earnings ratio of 3.61 and a beta of 1.13. The company has a current ratio of 2.47, a quick ratio of 2.23 and a debt-to-equity ratio of 69.49.

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.