Bank of Nova Scotia (NYSE:BNS) Hits New 12-Month High - Here's Why

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's stock price hit a new 52-week high on Tuesday . The company 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.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BNS. Wall Street Zen upgraded shares of Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. Royal Bank Of Canada increased their price objective on shares of Bank of Nova Scotia from $80.00 to $86.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 27th. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Bank of Nova Scotia has a consensus rating of "Hold" and a consensus target price of $86.00.

Bank of Nova Scotia Stock Up 0.2%

The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.66. The company's 50 day moving average is $57.21 and its 200 day moving average is $52.61. The company has a market cap of $79.60 billion, a PE ratio of 17.22, a P/E/G ratio of 1.47 and a beta of 1.16.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly 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 for the quarter, compared to the consensus estimate of $9.29 billion. During the same period last year, the business posted $1.63 EPS. The business's revenue was up 13.4% compared to the same quarter last year. As a group, analysts predict that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Institutional Trading of Bank of Nova Scotia

A number of institutional investors have recently modified their holdings of the company. Cypress Capital Management LLC WY acquired a new stake in Bank of Nova Scotia in the 2nd quarter worth approximately $33,000. Compagnie Lombard Odier SCmA acquired a new stake in Bank of Nova Scotia in the 1st quarter worth approximately $52,000. VSM Wealth Advisory LLC acquired a new stake in Bank of Nova Scotia in the 2nd quarter worth approximately $55,000. Independence Bank of Kentucky raised its position in Bank of Nova Scotia by 38.4% during the 1st quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock worth $56,000 after buying an additional 326 shares during the last quarter. Finally, MAI Capital Management raised its position in Bank of Nova Scotia by 40.7% during the 1st quarter. MAI Capital Management now owns 1,211 shares of the bank's stock worth $57,000 after buying an additional 350 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Company Profile

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.

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