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

Key Points

• The Bank of Nova Scotia reached a new 52-week high of C$86.42 in mid-day trading, with a recent trading volume of over 1.4 million shares.
• Recent analyst reports have set new price targets for the stock, with CIBC raising it from C$77.00 to C$90.00, indicating a generally positive outlook.
• The bank declared a quarterly dividend of $1.10 per share, which represents an annualized dividend of $4.40 and a yield of 5.1%, up from the previous dividend of $1.06.

The Bank of Nova Scotia (TSE:BNS - Get Free Report) NYSE: BNS reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$86.42 and last traded at C$86.39, with a volume of 1431804 shares trading hands. The stock had previously closed at C$85.62.

Analysts Set New Price Targets

BNS has been the topic of several recent analyst reports. CIBC increased their target price on shares of Bank of Nova Scotia from C$77.00 to C$90.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Canaccord Genuity Group lifted their price target on Bank of Nova Scotia from C$87.00 to C$90.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. UBS Group reduced their price objective on Bank of Nova Scotia from C$85.00 to C$78.00 in a research report on Thursday, May 22nd. Barclays upped their price objective on Bank of Nova Scotia from C$81.00 to C$86.00 in a research report on Wednesday, August 27th. Finally, Desjardins raised their target price on shares of Bank of Nova Scotia from C$79.00 to C$85.00 and gave the stock a "hold" rating in a report on Wednesday, August 27th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of Nova Scotia currently has an average rating of "Hold" and an average target price of C$85.62.

Bank of Nova Scotia Stock Performance

The stock's 50 day simple moving average is C$77.64 and its 200 day simple moving average is C$72.68. The firm has a market capitalization of C$107.78 billion, a P/E ratio of 16.59, a P/E/G ratio of 1.33 and a beta of 1.33.

Bank of Nova Scotia Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 29th. Shareholders of record on Tuesday, July 29th were paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date was Wednesday, July 2nd. This is a positive change from Bank of Nova Scotia's previous quarterly dividend of $1.06. Bank of Nova Scotia's dividend payout ratio (DPR) is currently 81.84%.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia is a global financial services provider. The bank has five business segments: Canadian banking, international banking, global wealth management, global banking and markets, and other. It offers a range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

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