Bank of Nova Scotia (NYSE:BNS) Sets New 52-Week High - Time to Buy?

Key Points

• Bank of Nova Scotia's stock price reached a new 52-week high of $64.04, with a recent trading price of $63.96 and a volume of 57,854 shares traded.
• Analysts have upgraded the stock's rating to a Hold and adjusted the price target to $86.00, with a consensus rating indicating a balanced outlook.
• The bank reported a quarterly earnings per share of $1.37, surpassing estimates, and experienced a 13.4% revenue increase year-over-year, totaling $6.85 billion.

Bank of Nova Scotia (The) (NYSE:BNS - Get Free Report) TSE: BNS reached a new 52-week high on Tuesday . The stock traded as high as $64.04 and last traded at $63.96, with a volume of 57854 shares traded. The stock had previously closed at $63.95.

Analyst Ratings Changes

BNS has been the topic of several recent analyst reports. Royal Bank Of Canada increased their target price on Bank of Nova Scotia from $80.00 to $86.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 27th. Wall Street Zen upgraded Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of "Hold" and an average price target of $86.00.

Bank of Nova Scotia Trading Down 1.4%

The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.66. The firm has a market cap of $78.65 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 1.48 and a beta of 1.16. The business has a 50 day moving average price of $57.89 and a 200-day moving average price of $52.97.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its earnings results on Tuesday, August 26th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.09. Bank of Nova Scotia had a return on equity of 11.61% and a net margin of 9.74%.The business had revenue of $6.85 billion during the quarter, compared to analyst estimates of $9.29 billion. During the same quarter last year, the firm earned $1.63 earnings per share. The company's revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, research analysts expect that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Bank of Nova Scotia

Hedge funds have recently bought and sold shares of the business. Bayforest Capital Ltd grew its stake in Bank of Nova Scotia by 2,005.4% during the 1st quarter. Bayforest Capital Ltd now owns 14,296 shares of the bank's stock valued at $678,000 after purchasing an additional 13,617 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in Bank of Nova Scotia by 4.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 10,801 shares of the bank's stock valued at $512,000 after purchasing an additional 442 shares in the last quarter. Korea Investment CORP grew its stake in Bank of Nova Scotia by 0.5% during the 1st quarter. Korea Investment CORP now owns 941,286 shares of the bank's stock valued at $44,623,000 after purchasing an additional 5,085 shares in the last quarter. Fox Run Management L.L.C. grew its stake in Bank of Nova Scotia by 146.0% during the 1st quarter. Fox Run Management L.L.C. now owns 12,042 shares of the bank's stock valued at $571,000 after purchasing an additional 7,146 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Bank of Nova Scotia by 5.5% during the 1st quarter. Bank of New York Mellon Corp now owns 1,155,791 shares of the bank's stock valued at $54,819,000 after purchasing an additional 60,506 shares in the last quarter. Institutional investors and hedge funds own 49.13% of the company's stock.

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.