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

Key Points

• The Bank of Nova Scotia reached a new 52-week high, trading at C$90.42 during mid-day trading, with an average volume of over 1.24 million shares.
• Analysts have revised their price targets for the stock, with TD Securities and CIBC both setting targets at C$93.00 and the consensus rating currently at "Hold" with an average target of C$85.85.
• The bank announced a quarterly dividend of $1.10 per share, resulting in an annualized dividend yield of 4.9%, with the ex-dividend date set for October 7th.

The Bank of Nova Scotia (TSE:BNS - Get Free Report) NYSE: BNS hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$90.42 and last traded at C$90.30, with a volume of 1240598 shares trading hands. The stock had previously closed at C$90.07.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. TD Securities upped their price target on shares of Bank of Nova Scotia from C$87.00 to C$93.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. CIBC upped their target price on shares of Bank of Nova Scotia from C$90.00 to C$93.00 and gave the company a "neutral" rating in a research note on Friday, September 5th. Barclays boosted their price objective on shares of Bank of Nova Scotia from C$81.00 to C$86.00 in a research report on Wednesday, August 27th. Bank of America increased their price objective on shares of Bank of Nova Scotia from C$78.00 to C$88.00 in a research note on Wednesday, August 27th. Finally, Royal Bank Of Canada upped their target price on shares of Bank of Nova Scotia from C$80.00 to C$86.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 27th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of C$85.85.

Bank of Nova Scotia Stock Performance

The business's 50 day moving average is C$83.33 and its 200-day moving average is C$75.29. The firm has a market capitalization of C$112.69 billion, a price-to-earnings ratio of 17.34, a price-to-earnings-growth ratio of 1.33 and a beta of 1.35.

Bank of Nova Scotia Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 29th. Stockholders of record on Wednesday, October 29th will be issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Tuesday, October 7th. Bank of Nova Scotia's dividend payout ratio (DPR) is presently 81.84%.

About Bank of Nova Scotia

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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