Canoe EIT Income Fund (TSE:EIT.UN) Sets New 12-Month High – Time to Buy?

Canoe EIT Income Fund (TSE:EIT.UN) shares hit a new 52-week high on Wednesday. The company traded as high as C$18.06 and last traded at C$18.03, with a volume of 19,729 shares changing hands. The stock had previously closed at C$17.89.

Canoe EIT Income Fund Stock Performance

The company’s 50-day moving average price is C$17.61 and its 200-day moving average price is C$17.24. The firm has a market capitalization of C$3.49 billion, a PE ratio of 6.01 and a beta of -0.54.

Canoe EIT Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, November 13th will be issued a dividend of $0.10 per share. This represents a $1.20 dividend on an annualized basis and a yield of 6.6%. The ex-dividend date of this dividend is Thursday, October 22nd. Canoe EIT Income Fund’s payout ratio is 39.87%.

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.