Bank of Nova Scotia (NYSE:BNS) Sets New 52-Week High – Here’s What Happened

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) shares reached a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $95.74 and last traded at $94.05, with a volume of 1706528 shares. The stock had previously closed at $95.35.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, August 25th. Royal Bank Of Canada increased their target price on Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 28th. Keefe, Bruyette & Woods initiated coverage on Bank of Nova Scotia in a report on Friday, August 21st. They issued an “outperform” rating on the stock. Weiss Ratings raised Bank of Nova Scotia from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, September 1st. Finally, National Bank Financial upgraded Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a report on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $117.00.

Bank of Nova Scotia Trading Down 0.0%

The stock has a market capitalization of $112.24 billion, a PE ratio of 16.69, a PEG ratio of 1.06 and a beta of 1.12. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. The business’s 50-day moving average is $90.54 and its two-hundred day moving average is $82.53.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, August 25th. The bank reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.53 by $0.11. Bank of Nova Scotia had a return on equity of 16.12% and a net margin of 13.91%.The company had revenue of $7.52 billion for the quarter, compared to analysts’ expectations of $7.11 billion. During the same quarter in the previous year, the firm posted $1.84 earnings per share. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. On average, analysts predict that Bank of Nova Scotia will post 6.19 earnings per share for the current year.

Bank of Nova Scotia Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Tuesday, October 6th will be issued a C$1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Tuesday, October 6th. Bank of Nova Scotia’s dividend payout ratio is currently 58.05%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Andra AP fonden grew its holdings in Bank of Nova Scotia by 2.7% during the 2nd quarter. Andra AP fonden now owns 220,260 shares of the bank’s stock valued at $19,127,000 after purchasing an additional 5,700 shares in the last quarter. Wellington Altus USA Inc. lifted its holdings in Bank of Nova Scotia by 84.4% in the 2nd quarter. Wellington Altus USA Inc. now owns 8,372 shares of the bank’s stock worth $727,000 after buying an additional 3,831 shares in the last quarter. Tidal Investments LLC boosted its position in Bank of Nova Scotia by 7.7% in the 2nd quarter. Tidal Investments LLC now owns 20,205 shares of the bank’s stock valued at $1,755,000 after buying an additional 1,437 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Bank of Nova Scotia during the second quarter valued at about $822,000. Finally, Cidel Asset Management Inc. increased its position in shares of Bank of Nova Scotia by 119.1% during the second quarter. Cidel Asset Management Inc. now owns 353,888 shares of the bank’s stock worth $30,748,000 after acquiring an additional 192,388 shares during the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia, operating as Scotiabank, is a Canadian financial institution headquartered in Toronto, Ontario. Founded in Halifax in 1832, the bank provides banking and financial services to individuals, businesses, institutions and governments.

Scotiabank’s principal activities include Canadian personal and commercial banking, international banking, global wealth management, and global banking and markets. Its products and services include deposit accounts, mortgages, consumer and commercial loans, credit cards, investment products, financial planning, asset management, foreign exchange, capital markets services and corporate banking.

The bank serves customers across Canada and maintains international operations in Mexico, Peru, Chile, the Caribbean, Central America and other selected markets.