Bank of Nova Scotia (TSE:BNS) Hits New 1-Year High Following Analyst Upgrade

The Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) reached a new 52-week high during trading on Monday after Bank of America upgraded the stock from a neutral rating to a buy rating. Bank of America now has a C$90.00 price target on the stock, up from their previous price target of C$73.00. Bank of Nova Scotia traded as high as C$77.08 and last traded at C$76.63, with a volume of 462306 shares traded. The stock had previously closed at C$75.94.

Several other equities research analysts have also commented on the stock. Royal Bank of Canada upped their price target on shares of Bank of Nova Scotia from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 28th. CIBC upgraded Bank of Nova Scotia from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from C$78.00 to C$82.00 in a research note on Friday, September 20th. Cormark dropped their price target on shares of Bank of Nova Scotia from C$68.00 to C$65.00 and set a “market perform” rating for the company in a research report on Tuesday, August 20th. TD Securities increased their price target on Bank of Nova Scotia from C$80.00 to C$82.00 in a research note on Friday, November 15th. Finally, BMO Capital Markets boosted their price objective on Bank of Nova Scotia from C$72.00 to C$84.00 in a research report on Monday. Eight research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of C$73.75.

Bank of Nova Scotia Trading Up 1.2 %

The firm’s 50-day simple moving average is C$72.91 and its 200 day simple moving average is C$67.29. The stock has a market cap of C$97.19 billion, a P/E ratio of 13.73, a PEG ratio of 1.33 and a beta of 0.97.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last issued its quarterly earnings results on Tuesday, August 27th. The bank reported C$1.63 earnings per share for the quarter, meeting analysts’ consensus estimates of C$1.63. The business had revenue of C$8.36 billion for the quarter, compared to the consensus estimate of C$8.50 billion. Bank of Nova Scotia had a return on equity of 9.49% and a net margin of 25.38%. On average, analysts anticipate that The Bank of Nova Scotia will post 7.1286267 EPS for the current year.

Bank of Nova Scotia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Wednesday, October 2nd were paid a dividend of $1.06 per share. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $4.24 dividend on an annualized basis and a dividend yield of 5.41%. Bank of Nova Scotia’s dividend payout ratio is 74.26%.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.