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

Key Points

• Bank of Nova Scotia hit a new 52-week high, trading as high as C$106.59 and last at C$105.82 on ~937,585 shares traded.
• Analysts are largely cautious: the consensus rating is Hold (one Buy, nine Holds) with an average price target of C$106.08 after recent revisions.
• The bank pays a quarterly dividend of C$1.10 (annualized C$4.40) for a 4.1% yield; recent quarterly EPS was C$2.05 and the stock trades at a P/E of 15.73.

The Bank of Nova Scotia (TSE:BNS - Get Free Report) NYSE: BNS reached a new 52-week high on Friday . The stock traded as high as C$106.59 and last traded at C$105.82, with a volume of 937585 shares trading hands. The stock had previously closed at C$105.68.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on BNS shares. Barclays raised their price objective on Bank of Nova Scotia from C$106.00 to C$108.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 25th. National Bank Financial dropped their price objective on Bank of Nova Scotia from C$102.00 to C$100.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 25th. UBS Group raised their price objective on Bank of Nova Scotia from C$118.00 to C$120.00 in a research note on Wednesday, February 25th. Canaccord Genuity Group cut Bank of Nova Scotia from a "buy" rating to a "hold" rating and lowered their target price for the company from C$118.00 to C$110.00 in a report on Monday, March 9th. Finally, Canadian Imperial Bank of Commerce increased their target price on Bank of Nova Scotia from C$108.00 to C$109.00 in a report on Thursday, March 5th. One investment analyst has rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of C$106.08.

Bank of Nova Scotia Stock Performance

The business has a fifty day simple moving average of C$99.79 and a 200 day simple moving average of C$98.78. The stock has a market cap of C$130.59 billion, a price-to-earnings ratio of 15.73, a PEG ratio of 1.33 and a beta of 1.16.

Bank of Nova Scotia (TSE:BNS - Get Free Report) NYSE: BNS last announced its earnings results on Tuesday, February 24th. The bank reported C$2.05 EPS for the quarter. The firm had revenue of C$10.08 billion for the quarter. Bank of Nova Scotia had a return on equity of 10.41% and a net margin of 14.45%. On average, equities research analysts anticipate that The Bank of Nova Scotia will post 7.1286267 EPS for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 28th. Shareholders of record on Tuesday, April 28th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Tuesday, April 7th. Bank of Nova Scotia's dividend payout ratio is 64.69%.

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. The bank's international operations span numerous countries and are more concentrated in Central and South America.

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