Bank of Nova Scotia (TSE:BNS) Sets New 52-Week High - Should You Buy?

Key Points

• The Bank of Nova Scotia's stock achieved a new 52-week high, trading at C$90.35, with a recent price of C$89.77.
• Multiple analysts have increased their price targets for the stock, with ratings ranging from "Strong Buy" to "Hold", reflecting an average price target of C$85.85.
• The company recently raised its quarterly dividend from $1.06 to $1.10 per share, equating to an annualized yield of 4.9%.

The Bank of Nova Scotia (TSE:BNS - Get Free Report) NYSE: BNS's stock price reached a new 52-week high on Friday . The company traded as high as C$90.35 and last traded at C$89.77, with a volume of 467436 shares. The stock had previously closed at C$89.76.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on BNS shares. Canaccord Genuity Group increased their price objective on shares of Bank of Nova Scotia from C$87.00 to C$90.00 and gave the stock a "buy" rating in a research note on Wednesday, August 27th. TD Securities raised their price target on shares of Bank of Nova Scotia from C$87.00 to C$93.00 and gave the company a "buy" rating in a research report on Wednesday, August 27th. Bank of America raised their price target on shares of Bank of Nova Scotia from C$78.00 to C$88.00 in a research report on Wednesday, August 27th. National Bankshares set a C$81.00 target price on shares of Bank of Nova Scotia and gave the company a "sector perform" rating in a research report on Monday. Finally, Barclays lifted their target price on shares of Bank of Nova Scotia from C$81.00 to C$86.00 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 assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of C$85.85.

Bank of Nova Scotia Stock Performance

The firm's 50 day moving average is C$82.25 and its two-hundred day moving average is C$74.70. The stock has a market capitalization of C$111.76 billion, a PE ratio of 17.20, a P/E/G ratio of 1.33 and a beta of 1.35.

Bank of Nova Scotia Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 29th. Shareholders of record on Tuesday, July 29th were issued a dividend of $1.10 per share. This is a boost from Bank of Nova Scotia's previous quarterly dividend of $1.06. The ex-dividend date was Wednesday, July 2nd. This represents a $4.40 annualized dividend and a yield of 4.9%. 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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