Bank of Nova Scotia (NYSE:BNS) Reaches New 12-Month High - What's Next?

Key Points

• Bank of Nova Scotia shares hit a new 52-week high, trading as high as $88.17 on Monday before last changing hands near $87.93. The move came alongside relatively light volume of 143,945 shares.
• Analyst sentiment remains mixed but constructive: RBC lifted its price target to $117, and the consensus target now stands at $117.00. The stock currently carries a consensus rating of Hold, with two Buy ratings and three Hold ratings.
• Recent results showed earnings and revenue beats, with Q1 EPS of $1.47 topping estimates by $0.05 and revenue rising 8.3% year over year to $7.24 billion. Analysts expect the bank to earn about $6.01 per share for the full year.

Shares of Bank of Nova Scotia (The) (NYSE:BNS - Get Free Report) TSE: BNS reached a new 52-week high on Monday . The stock traded as high as $88.17 and last traded at $87.9280, with a volume of 143945 shares trading hands. The stock had previously closed at $87.59.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BNS shares. Royal Bank Of Canada raised their target price on shares of 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. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $117.00.

Bank of Nova Scotia Price Performance

The stock has a market cap of $107.60 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.08 and a beta of 1.11. The company has a 50-day moving average of $82.10 and a 200-day moving average of $76.53. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, beating the consensus estimate of $1.42 by $0.05. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The firm had revenue of $7.24 billion during the quarter, compared to the consensus estimate of $7.13 billion. During the same period in the prior year, the business earned $1.52 EPS. The firm's revenue was up 8.3% compared to the same quarter last year. As a group, equities research analysts predict that Bank of Nova Scotia will post 6.01 earnings per share for the current year.

Institutional Investors Weigh In On Bank of Nova Scotia

Several hedge funds have recently modified their holdings of the stock. Prospera Financial Services Inc increased its stake in Bank of Nova Scotia by 3.9% in the 4th quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank's stock valued at $341,000 after buying an additional 173 shares during the period. Larson Financial Group LLC boosted its holdings in shares of Bank of Nova Scotia by 22.3% in the fourth quarter. Larson Financial Group LLC now owns 1,280 shares of the bank's stock valued at $94,000 after acquiring an additional 233 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Bank of Nova Scotia by 8.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,193 shares of the bank's stock worth $235,000 after acquiring an additional 239 shares during the period. Parallel Advisors LLC increased its stake in shares of Bank of Nova Scotia by 8.5% during the third quarter. Parallel Advisors LLC now owns 3,326 shares of the bank's stock worth $215,000 after acquiring an additional 261 shares during the period. Finally, Kathmere Capital Management LLC raised its holdings in Bank of Nova Scotia by 8.5% during the first quarter. Kathmere Capital Management LLC now owns 3,579 shares of the bank's stock worth $248,000 after purchasing an additional 281 shares in the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.

About Bank of Nova Scotia

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.

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