Bank of Nova Scotia (TSE:BNS) Share Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• The Bank of Nova Scotia's share price has surged above its 200-day moving average, reaching C$91.86 after trading as high as C$92.16.
• Several analysts have recently increased their price targets for the stock, with a consensus price target now at C$85.85 and most ratings classified as Hold.
• The bank announced a quarterly dividend of $1.10 per share, resulting in an annualized dividend of $4.40 and a yield of 4.8%.

The Bank of Nova Scotia (TSE:BNS - Get Free Report) NYSE: BNS's share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$78.42 and traded as high as C$92.16. Bank of Nova Scotia shares last traded at C$91.86, with a volume of 7,841,785 shares traded.

Analyst Ratings Changes

A number of equities analysts have commented on BNS shares. CIBC lifted their price objective on shares of Bank of Nova Scotia from C$90.00 to C$93.00 and gave the stock a "neutral" rating in a report on Friday, September 5th. TD Securities lifted their price objective on shares of Bank of Nova Scotia from C$87.00 to C$93.00 and gave the stock a "buy" rating in a report on Wednesday, August 27th. Desjardins boosted their price target on shares of Bank of Nova Scotia from C$79.00 to C$85.00 and gave the company a "hold" rating in a report on Wednesday, August 27th. Bank of America boosted their price target on shares of Bank of Nova Scotia from C$78.00 to C$88.00 in a report on Wednesday, August 27th. Finally, Barclays boosted their price target on shares of Bank of Nova Scotia from C$81.00 to C$86.00 in a report on Wednesday, August 27th. One equities 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 MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of C$85.85.

Bank of Nova Scotia Price Performance

The company has a market cap of C$114.42 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 1.33 and a beta of 1.30. The firm's fifty day moving average price is C$88.16 and its 200-day moving average price is C$78.42.

Bank of Nova Scotia Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 29th. Investors of record on Wednesday, October 29th will be paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date is Tuesday, October 7th. Bank of Nova Scotia's payout ratio 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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