Bank of Nova Scotia (NYSE:BNS) Hits New 1-Year High Following Earnings Beat

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) reached a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $71.00 and last traded at $70.0390, with a volume of 591640 shares traded. The stock had previously closed at $68.57.

The bank reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.06. Bank of Nova Scotia had a return on equity of 11.61% and a net margin of 9.74%.The firm had revenue of $6.99 billion during the quarter, compared to analysts’ expectations of $6.85 billion. During the same quarter in the prior year, the business earned $1.57 EPS. Bank of Nova Scotia’s quarterly revenue was up 15.0% compared to the same quarter last year.

Bank of Nova Scotia Announces Dividend

The company 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. The ex-dividend date is Tuesday, January 6th. This represents a $4.40 dividend on an annualized basis and a yield of 6.2%. Bank of Nova Scotia’s payout ratio is currently 78.11%.

Analyst Ratings Changes

A number of analysts have recently issued reports on BNS shares. Royal Bank Of Canada lifted their target price on Bank of Nova Scotia from $86.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Wednesday. Weiss Ratings restated a “buy (b-)” rating on shares of Bank of Nova Scotia in a research note on Wednesday, October 8th. Wall Street Zen raised Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research report on Saturday, August 30th. Finally, Raymond James Financial started coverage on Bank of Nova Scotia in a research note on Tuesday, November 25th. They set an “outperform” rating for the company. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $97.00.

Hedge Funds Weigh In On Bank of Nova Scotia

Several large investors have recently added to or reduced their stakes in BNS. Mondrian Investment Partners LTD bought a new position in shares of Bank of Nova Scotia in the 3rd quarter worth about $30,000. Cypress Capital Management LLC WY bought a new position in Bank of Nova Scotia in the second quarter worth about $33,000. Quarry LP acquired a new position in Bank of Nova Scotia in the third quarter valued at approximately $35,000. Virtus Advisers LLC bought a new position in shares of Bank of Nova Scotia during the third quarter valued at approximately $39,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of Bank of Nova Scotia during the 3rd quarter worth approximately $45,000. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Trading Up 0.2%

The firm has a market cap of $87.08 billion, a P/E ratio of 18.93, a P/E/G ratio of 1.06 and a beta of 1.13. The firm has a fifty day moving average of $65.90 and a 200-day moving average of $60.05. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.03 and a current ratio of 1.03.

About Bank of Nova Scotia

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.