Bank of Nova Scotia (NYSE:BNS) Reaches New 12-Month High – Still a Buy?

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $74.71 and last traded at $74.8960, with a volume of 330566 shares trading hands. The stock had previously closed at $74.53.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Raymond James Financial began coverage on shares of Bank of Nova Scotia in a report on Tuesday, November 25th. They set an “outperform” rating for the company. Royal Bank Of Canada boosted their price target 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. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Bank of Nova Scotia in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $97.00.

Bank of Nova Scotia Stock Up 0.4%

The company has a debt-to-equity ratio of 0.70, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market cap of $92.52 billion, a price-to-earnings ratio of 18.61, a price-to-earnings-growth ratio of 0.97 and a beta of 1.11. The firm’s 50-day moving average is $69.69 and its 200 day moving average is $63.15.

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

Bank of Nova Scotia Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Shareholders of record on Tuesday, January 6th will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend is Tuesday, January 6th. Bank of Nova Scotia’s payout ratio is 78.61%.

Hedge Funds Weigh In On Bank of Nova Scotia

Hedge funds and other institutional investors have recently modified their holdings of the company. Mondrian Investment Partners LTD purchased a new stake in shares of Bank of Nova Scotia during the 3rd quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new position in Bank of Nova Scotia during the second quarter valued at approximately $33,000. Quarry LP acquired a new position in Bank of Nova Scotia during the third quarter valued at approximately $35,000. Virtus Advisers LLC purchased a new stake in Bank of Nova Scotia during the third quarter worth approximately $39,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of Bank of Nova Scotia in the third quarter worth $45,000. 49.13% of the stock is owned by institutional investors and hedge funds.

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.