Bank of Nova Scotia (NYSE:BNS) Sets New 1-Year High – What’s Next?

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS)’s stock price reached a new 52-week high on Thursday . The company traded as high as $94.96 and last traded at $95.12, with a volume of 283593 shares changing hands. The stock had previously closed at $93.31.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BNS. Royal Bank Of Canada raised their target price on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a research note on Thursday, May 28th. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, August 25th. National Bank Financial upgraded Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, August 26th. Weiss Ratings upgraded Bank of Nova Scotia from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods started coverage on Bank of Nova Scotia in a research report on Friday, August 21st. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Bank of Nova Scotia currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

Bank of Nova Scotia Price Performance

The company has a 50 day moving average of $88.81 and a 200-day moving average of $80.71. The stock has a market capitalization of $114.25 billion, a P/E ratio of 16.96, a PEG ratio of 1.07 and a beta of 1.12. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.11. The firm had revenue of $7.52 billion during the quarter, compared to analyst estimates of $7.11 billion. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.84 earnings per share. Sell-side analysts predict that Bank of Nova Scotia will post 6.19 EPS for the current year.

Bank of Nova Scotia Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Tuesday, October 6th will be issued a $1.14 dividend. The ex-dividend date of this dividend is Tuesday, October 6th. This represents a $4.56 annualized dividend and a dividend yield of 4.9%. Bank of Nova Scotia’s payout ratio is 58.05%.

Institutional Investors Weigh In On Bank of Nova Scotia

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Bank of Nova Scotia in the 4th quarter worth approximately $1,368,456,000. Canada Pension Plan Investment Board bought a new position in Bank of Nova Scotia during the 2nd quarter worth $1,016,738,000. Legal & General Group Plc bought a new position in Bank of Nova Scotia during the 2nd quarter worth $709,837,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Bank of Nova Scotia in the second quarter worth $567,278,000. Finally, FIL Ltd lifted its stake in Bank of Nova Scotia by 49.5% in the fourth quarter. FIL Ltd now owns 16,489,540 shares of the bank’s stock valued at $1,216,157,000 after buying an additional 5,461,052 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

About Bank of Nova Scotia

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.