Bank of Nova Scotia (NYSE:BNS) Sets New 52-Week High - Here's What Happened

Key Points

• Bank of Nova Scotia hit a new 52-week high — shares reached $78.55 (last $78.2590) and were up about 0.3%, with a market cap of roughly $95.9 billion and a P/E of 16.23.
• Analysts are mixed: the stock carries a consensus "Hold" with a consensus target of $106.00, while notable moves include RBC raising its target to $106 and Weiss upgrading to a Buy as Canaccord downgraded to Hold.
• Quarterly results beat expectations: Scotiabank reported $1.48 EPS versus $1.42 expected and $7.40B revenue versus $6.99B expected, with a net margin of 12.4% and ROE of 12.49%.

Shares of Bank of Nova Scotia (The) (NYSE:BNS - Get Free Report) TSE: BNS reached a new 52-week high during trading on Friday . The company traded as high as $78.55 and last traded at $78.2590, with a volume of 458999 shares. The stock had previously closed at $77.80.

Analysts Set New Price Targets

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

Bank of Nova Scotia Stock Up 0.3%

The stock has a market capitalization of $95.90 billion, a price-to-earnings ratio of 16.23, a price-to-earnings-growth ratio of 0.92 and a beta of 1.10. The firm has a 50-day moving average of $72.67 and a 200 day moving average of $71.54. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued its quarterly earnings data on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $6.99 billion. During the same quarter last year, the company earned $1.76 earnings per share. Bank of Nova Scotia's revenue for the quarter was up 2.9% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of Nova Scotia will post 6.04 earnings per share for the current year.

Institutional Investors Weigh In On Bank of Nova Scotia

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. lifted its stake in Bank of Nova Scotia by 55.4% during the third quarter. Citigroup Inc. now owns 1,517,072 shares of the bank's stock worth $98,118,000 after purchasing an additional 540,526 shares during the last quarter. Intact Investment Management Inc. raised its holdings in shares of Bank of Nova Scotia by 50.7% during the third quarter. Intact Investment Management Inc. now owns 1,645,842 shares of the bank's stock worth $106,435,000 after purchasing an additional 553,720 shares during the period. CIBC Asset Management Inc raised its holdings in shares of Bank of Nova Scotia by 44.3% during the third quarter. CIBC Asset Management Inc now owns 9,800,305 shares of the bank's stock worth $635,730,000 after purchasing an additional 3,007,407 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Bank of Nova Scotia by 30.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,690,883 shares of the bank's stock worth $497,197,000 after buying an additional 1,772,608 shares during the last quarter. Finally, First National Trust Co lifted its position in shares of Bank of Nova Scotia by 54.5% in the 3rd quarter. First National Trust Co now owns 44,415 shares of the bank's stock worth $2,871,000 after buying an additional 15,676 shares during the last quarter. Hedge funds and other institutional investors 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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