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

Shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $73.66 and last traded at $73.7210, with a volume of 80407 shares traded. The stock had previously closed at $73.01.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on BNS shares. Royal Bank Of Canada increased their price objective on Bank of Nova Scotia from $86.00 to $97.00 and gave the company a “sector perform” rating in a report on Wednesday, December 3rd. Raymond James Financial initiated coverage on shares of Bank of Nova Scotia in a report on Tuesday, November 25th. They issued an “outperform” rating on the stock. Wall Street Zen upgraded shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Saturday, August 30th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Bank of Nova Scotia in a report on Monday. One investment analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of “Hold” and a consensus target price of $97.00.

Bank of Nova Scotia Stock Performance

The company has a market capitalization of $91.56 billion, a PE ratio of 18.43, a PEG ratio of 0.96 and a beta of 1.13. The firm has a 50-day moving average of $68.32 and a two-hundred day moving average of $62.13. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.70.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, December 2nd. The bank reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.06. Bank of Nova Scotia had a net margin of 10.60% and a return on equity of 12.10%. The business had revenue of $6.99 billion for the quarter, compared to analysts’ expectations of $6.85 billion. During the same quarter last year, the company earned $1.57 EPS. The business’s revenue was up 15.0% on a year-over-year basis. Research analysts anticipate that Bank of Nova Scotia will post 4.91 EPS for the current year.

Bank of Nova Scotia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Shareholders of record on Tuesday, January 6th will be issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend is Tuesday, January 6th. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 78.11%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Bank of Nova Scotia by 1.9% in the 3rd quarter. Vanguard Group Inc. now owns 56,068,464 shares of the bank’s stock worth $3,625,499,000 after acquiring an additional 1,063,127 shares in the last quarter. Canerector Inc. grew its position in shares of Bank of Nova Scotia by 8,899.0% in the third quarter. Canerector Inc. now owns 26,997,000 shares of the bank’s stock valued at $1,745,356,000 after purchasing an additional 26,697,000 shares during the period. TD Asset Management Inc increased its stake in shares of Bank of Nova Scotia by 1.3% during the third quarter. TD Asset Management Inc now owns 18,364,021 shares of the bank’s stock worth $1,187,709,000 after purchasing an additional 229,990 shares in the last quarter. Norges Bank acquired a new position in shares of Bank of Nova Scotia during the 2nd quarter worth about $838,738,000. Finally, Scotia Capital Inc. lifted its stake in Bank of Nova Scotia by 0.6% in the 2nd quarter. Scotia Capital Inc. now owns 14,231,690 shares of the bank’s stock valued at $786,729,000 after buying an additional 90,158 shares in the last quarter. Hedge funds and other 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.