Bank of Nova Scotia (NYSE:BNS) Sets New 52-Week High – Here’s Why

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS)’s stock price reached a new 52-week high on Monday . The stock traded as high as $84.46 and last traded at $85.0170, with a volume of 611 shares trading hands. The stock had previously closed at $83.99.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. TD Securities restated a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Royal Bank Of Canada upped their target price on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a report on Thursday, May 28th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of Nova Scotia in a report on Friday, May 22nd. Finally, Canaccord Genuity Group downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank of Nova Scotia has a consensus rating of “Hold” and an average price target of $117.00.

Bank of Nova Scotia Stock Up 0.8%

The firm has a market cap of $103.66 billion, a P/E ratio of 16.14, a P/E/G ratio of 1.03 and a beta of 1.12. The business’s fifty day moving average price is $77.17 and its two-hundred day moving average price is $74.41. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.05. The firm had revenue of $7.24 billion during the quarter, compared to analysts’ expectations of $7.13 billion. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. Bank of Nova Scotia’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.52 earnings per share. As a group, equities research analysts anticipate that Bank of Nova Scotia will post 6.05 EPS for the current year.

Institutional Trading of Bank of Nova Scotia

Several large investors have recently made changes to their positions in BNS. Citigroup Inc. grew its position in Bank of Nova Scotia by 55.4% in the 3rd quarter. Citigroup Inc. now owns 1,517,072 shares of the bank’s stock worth $98,118,000 after purchasing an additional 540,526 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Bank of Nova Scotia by 30.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,690,883 shares of the bank’s stock worth $497,197,000 after purchasing an additional 1,772,608 shares during the period. Canerector Inc. raised its position in shares of Bank of Nova Scotia by 8,899.0% during the third quarter. Canerector Inc. now owns 26,997,000 shares of the bank’s stock valued at $1,745,356,000 after buying an additional 26,697,000 shares during the last quarter. Mn Services Vermogensbeheer B.V. raised its position in shares of Bank of Nova Scotia by 17.0% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 285,843 shares of the bank’s stock valued at $21,109,000 after buying an additional 41,443 shares during the last quarter. Finally, HAP Trading LLC bought a new stake in shares of Bank of Nova Scotia in the second quarter valued at about $3,926,000. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Company Profile

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.