Canadian Banc (TSE:BK) Stock Passes Above 50-Day Moving Average – Here’s Why

Canadian Banc Corp. (TSE:BK) shares passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$15.95 and traded as high as C$17.40. Canadian Banc shares last traded at C$17.22, with a volume of 219,694 shares.

Canadian Banc Price Performance

The stock has a market capitalization of C$928.30 million, a P/E ratio of 4.08 and a beta of 1.27. The company has a debt-to-equity ratio of 63.79, a quick ratio of 2.23 and a current ratio of 2.60. The firm has a 50-day moving average price of C$15.95 and a 200 day moving average price of C$14.85.

Canadian Banc Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, August 10th. Shareholders of record on Monday, August 10th will be paid a $0.2055 dividend. This is an increase from Canadian Banc’s previous monthly dividend of $0.17. This represents a c) annualized dividend and a yield of 14.3%. The ex-dividend date of this dividend is Friday, July 31st. Canadian Banc’s payout ratio is currently 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.