Bank of Nova Scotia (NYSE:BNS) Stock Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Technical move: Shares of Bank of Nova Scotia passed above their 200‑day moving average (200‑day MA $70.81), trading as high as $76.99 and last at $76.57 on Friday.
• Earnings beat and fundamentals: The bank reported EPS of $1.48 versus $1.42 expected and revenue of $7.40B versus $6.99B, with a 12.49% ROE and revenue up 2.9% year‑over‑year.
• Analyst view: Analysts are mixed—two Buys and three Holds—leaving a consensus rating of "Hold" and a consensus price target of $106.00, after actions including RBC raising its target to $106.00.

Shares of Bank of Nova Scotia (The) (NYSE:BNS - Get Free Report) TSE: BNS passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $70.81 and traded as high as $76.99. Bank of Nova Scotia shares last traded at $76.5650, with a volume of 4,414,867 shares.

Analysts Set New Price Targets

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

Bank of Nova Scotia Trading Up 2.1%

The business has a 50 day moving average of $72.73 and a two-hundred day moving average of $70.81. 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 has a market capitalization of $94.28 billion, a price-to-earnings ratio of 15.92, a P/E/G ratio of 0.91 and a beta of 1.10.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings data on Tuesday, February 24th. The bank reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.42 by $0.06. The firm had revenue of $7.40 billion during the quarter, compared to analysts' expectations of $6.99 billion. Bank of Nova Scotia had a return on equity of 12.49% and a net margin of 12.40%.The company's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.76 earnings per share. Equities analysts predict that Bank of Nova Scotia will post 4.91 EPS for the current year.

Institutional Trading of Bank of Nova Scotia

Hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC lifted its stake in shares of Bank of Nova Scotia by 111.2% in the first quarter. AQR Capital Management LLC now owns 19,096 shares of the bank's stock valued at $911,000 after buying an additional 10,056 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Bank of Nova Scotia during the second quarter worth about $330,000. EverSource Wealth Advisors LLC raised its holdings in shares of Bank of Nova Scotia by 42.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,165 shares of the bank's stock worth $120,000 after acquiring an additional 649 shares during the last quarter. Sei Investments Co. lifted its position in Bank of Nova Scotia by 2.1% in the 2nd quarter. Sei Investments Co. now owns 21,212 shares of the bank's stock valued at $1,172,000 after acquiring an additional 434 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in Bank of Nova Scotia by 61.1% in the 2nd quarter. Quantinno Capital Management LP now owns 66,962 shares of the bank's stock valued at $3,701,000 after acquiring an additional 25,400 shares in the last quarter. 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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