Canadian Banc Corp. (TSE:BK) Announces Dividend Increase – $0.21 Per Share

Canadian Banc Corp. (TSE:BK) declared a monthly dividend on Friday, July 31st, TickerTech Dividends reports. Shareholders of record on Monday, August 10th will be paid a dividend of 0.2055 per share on Monday, August 10th. This represents a c) annualized dividend and a yield of 14.0%. The ex-dividend date of this dividend is Friday, July 31st. This is a 21.6% increase from Canadian Banc’s previous monthly dividend of $0.17.

Canadian Banc Trading Up 0.1%

Shares of BK opened at C$17.57 on Wednesday. Canadian Banc has a fifty-two week low of C$9.25 and a fifty-two week high of C$17.72. The company has a market capitalization of C$947.16 million, a PE ratio of 2.31 and a beta of 1.27. The stock has a fifty day moving average of C$16.08 and a two-hundred day moving average of C$14.91. The company has a debt-to-equity ratio of 63.79, a quick ratio of 2.23 and a current ratio of 2.60.

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.