The stock of Canadian Banc Corp (TSE:BK) hit a new 52-week high and has $12.56 target or 7.00% above today’s $11.74 share price. The 6 months bullish chart indicates low risk for the $92.10 million company. The 1-year high was reported on Nov, 22 by Barchart.com. If the $12.56 price target is reached, the company will be worth $6.45M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 18,008 shares traded hands or 21.53% up from the average. Canadian Banc Corp (TSE:BK) has risen 15.38% since April 18, 2016 and is uptrending. It has outperformed by 10.83% the S&P500.
Canadian Banc Corp is a Canada-based mutual fund company. The company has a market cap of $92.10 million. The Company’s investment objective of the preferred shares is to provide holders with cumulative preferential floating rate monthly cash dividends at a rate per annum equal to the prevailing Canadian prime rate plus 0.75%, with a minimum annual rate of approximately 5.0% and a maximum annual rate of over 7% based on original issue price. It currently has negative earnings. The investment objective of the Class A shares is to provide holders with monthly cash distributions targeted to be at a rate of approximately 10% annualized based on the volume weighted average market price of the Class A shares for the last three trading days of the preceding month.
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