Bank of Nova Scotia (NYSE:BNS) Hits New 12-Month High – What’s Next?

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $90.80 and last traded at $90.4030, with a volume of 34023 shares trading hands. The stock had previously closed at $90.33.

Analysts Set New Price Targets

BNS has been the subject of a number of research analyst reports. Weiss Ratings upgraded Bank of Nova Scotia from a “buy (b)” rating to a “buy (a-)” rating in a report on Monday, August 3rd. Royal Bank Of Canada increased their price target on Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a report on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $117.00.

Bank of Nova Scotia Trading Down 0.0%

The firm has a market cap of $110.30 billion, a price-to-earnings ratio of 17.25, a P/E/G ratio of 1.10 and a beta of 1.11. The firm’s 50-day moving average is $86.52 and its 200-day moving average is $78.92. 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 released its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.05. The firm had revenue of $7.24 billion for the quarter, compared to analyst estimates of $7.13 billion. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the firm earned $1.52 earnings per share. As a group, sell-side analysts anticipate that Bank of Nova Scotia will post 5.99 EPS for the current fiscal year.

Hedge Funds Weigh In On Bank of Nova Scotia

Several large investors have recently added to or reduced their stakes in BNS. Swiss RE Ltd. acquired a new position in Bank of Nova Scotia during the 4th quarter valued at about $30,000. Maseco LLP purchased a new stake in shares of Bank of Nova Scotia in the first quarter worth approximately $30,000. CoreCap Advisors LLC lifted its holdings in shares of Bank of Nova Scotia by 1,366.7% in the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank’s stock valued at $38,000 after purchasing an additional 410 shares in the last quarter. Addison Advisors LLC purchased a new position in shares of Bank of Nova Scotia during the second quarter valued at approximately $39,000. Finally, Brown Brothers Harriman & Co. purchased a new position in shares of Bank of Nova Scotia during the fourth quarter valued at approximately $34,000. 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.