Bank of Nova Scotia (NYSE:BNS) Sets New 1-Year High - Here's Why

Key Points

• Bank of Nova Scotia stock hit a new 52-week high of $78.66 on Thursday, last trading at $78.4490 on a volume of 1,678,531 shares.
• Analysts hold a consensus “Hold” rating with an average target price of $106; two analysts rate Buy and three rate Hold, and RBC raised its target to $106 from $97.
• Scotiabank beat estimates with quarterly EPS of $1.48 (vs. $1.42 expected) and revenue of $7.40B (vs. $6.99B), and currently trades at a P/E of 16.31 with a market cap around $96.4B.

Bank of Nova Scotia (The) (NYSE:BNS - Get Free Report) TSE: BNS's stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $78.66 and last traded at $78.4490, with a volume of 1678531 shares. The stock had previously closed at $76.67.

Analysts Set New Price Targets

BNS has been the topic of several research reports. Canaccord Genuity Group downgraded Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 9th. Weiss Ratings upgraded Bank of Nova Scotia from a "hold (c+)" rating to a "buy (b)" rating in a research report on Wednesday, February 25th. Royal Bank Of Canada increased their price objective on Bank of Nova Scotia from $97.00 to $106.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 25th. Finally, TD Securities reissued a "hold" rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $106.00.

Bank of Nova Scotia Stock Performance

The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.05 and a current ratio of 1.05. The firm's 50 day simple moving average is $72.71 and its 200-day simple moving average is $71.83. The company has a market cap of $96.42 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 0.93 and a beta of 1.13.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.06. Bank of Nova Scotia had a net margin of 12.40% and a return on equity of 12.49%. The company had revenue of $7.40 billion for the quarter, compared to analysts' expectations of $6.99 billion. During the same quarter in the previous year, the company posted $1.76 EPS. The firm's quarterly revenue was up 2.9% on a year-over-year basis. On average, sell-side analysts predict that Bank of Nova Scotia will post 6.05 EPS for the current year.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mondrian Investment Partners LTD acquired a new position in shares of Bank of Nova Scotia during the 3rd quarter valued at about $30,000. Maseco LLP acquired a new stake in Bank of Nova Scotia during the first quarter worth about $30,000. Swiss RE Ltd. acquired a new stake in Bank of Nova Scotia during the fourth quarter worth about $30,000. Brown Brothers Harriman & Co. purchased a new position in Bank of Nova Scotia during the fourth quarter worth about $34,000. Finally, Quarry LP acquired a new position in Bank of Nova Scotia in the 3rd quarter valued at about $35,000. Institutional investors and hedge funds own 49.13% of the company's stock.

Bank of Nova Scotia Company Profile

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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