Bank of Nova Scotia (NYSE:BNS) Sets New 1-Year High - Time to Buy?

Key Points

• Bank of Nova Scotia reached a new 52-week high, trading as high as $90.80, with its 50-day and 200-day moving averages at $86.52 and $78.92, respectively.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $117, although RBC’s “sector perform” rating suggests limited near-term upside from current levels.
• The bank exceeded quarterly expectations, reporting $1.47 in earnings per share versus the $1.42 consensus and $7.24 billion in revenue, up 8.3% year over year.

Bank of Nova Scotia (The) (NYSE:BNS - Get Free Report) TSE: BNS's stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $90.80 and last traded at $90.4030, with a volume of 34023 shares traded. The stock had previously closed at $90.33.

Analyst Ratings Changes

A number of research firms have recently weighed in on BNS. Royal Bank Of Canada lifted their price target on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a "sector perform" rating in a research report on Thursday, May 28th. Weiss Ratings raised Bank of Nova Scotia from a "buy (b)" rating to a "buy (a-)" rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $117.00.

Bank of Nova Scotia Trading Down 0.0%

The firm has a 50-day moving average of $86.52 and a two-hundred day moving average of $78.92. The firm has a market capitalization of $110.30 billion, a P/E ratio of 17.25, a P/E/G ratio of 1.10 and a beta of 1.11. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued its earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, beating analysts' consensus estimates of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The firm had revenue of $7.24 billion for the quarter, compared to analyst estimates of $7.13 billion. During the same quarter last year, the business posted $1.52 earnings per share. The company's quarterly revenue was up 8.3% on a year-over-year basis. On average, analysts anticipate that Bank of Nova Scotia will post 5.99 EPS for the current year.

Institutional Investors Weigh In On Bank of Nova Scotia

Institutional investors have recently added to or reduced their stakes in the business. Swiss RE Ltd. bought a new position in Bank of Nova Scotia during the fourth quarter worth $30,000. Maseco LLP bought a new stake in Bank of Nova Scotia during the first quarter valued at $30,000. CoreCap Advisors LLC boosted its position in Bank of Nova Scotia by 1,366.7% during the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank's stock valued at $38,000 after acquiring an additional 410 shares during the last quarter. Addison Advisors LLC acquired a new stake in Bank of Nova Scotia during the 2nd quarter worth about $39,000. Finally, Brown Brothers Harriman & Co. acquired a new stake in Bank of Nova Scotia during the 4th quarter worth about $34,000. 49.13% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source