Bank of Nova Scotia (TSE:BNS) Share Price Passes Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Bank of Nova Scotia's share price has surpassed its 200-day moving average, trading at C$89.09 after reaching a high of C$89.55.
• Recent analyst reports have led to increased price targets, with Canaccord Genuity raising their target from C$87.00 to C$90.00 and maintaining a "buy" rating.
• The bank announced a quarterly dividend of $1.10 per share, reflecting a yield of 4.9%, up from the previous dividend of $1.06.

The Bank of Nova Scotia (TSE:BNS - Get Free Report) NYSE: BNS shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$74.56 and traded as high as C$89.55. Bank of Nova Scotia shares last traded at C$89.09, with a volume of 4,332,350 shares changing hands.

Analysts Set New Price Targets

BNS has been the topic of a number of research reports. Canaccord Genuity Group upped their target price on Bank of Nova Scotia from C$87.00 to C$90.00 and gave the company a "buy" rating in a report on Wednesday, August 27th. Bank of America upped their target price on Bank of Nova Scotia from C$78.00 to C$88.00 in a report on Wednesday, August 27th. Jefferies Financial Group increased their price objective on Bank of Nova Scotia from C$83.00 to C$86.00 in a report on Wednesday, August 27th. Desjardins increased their price objective on 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. Finally, National Bankshares set a C$81.00 price objective on Bank of Nova Scotia and gave the stock a "sector perform" rating in a report on Monday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of C$85.85.

Bank of Nova Scotia Price Performance

The firm has a fifty day simple moving average of C$81.97 and a 200 day simple moving average of C$74.56. The company has a market cap of C$110.69 billion, a price-to-earnings ratio of 17.03, a P/E/G ratio of 1.33 and a beta of 1.35.

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 issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 4.9%. This is a boost from Bank of Nova Scotia's previous quarterly dividend of $1.06. The ex-dividend date was Wednesday, July 2nd. Bank of Nova Scotia's dividend payout ratio is 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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