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

Key Points

• The stock price of Bank of Nova Scotia has recently crossed above its 200-day moving average, showing potential upward momentum.
• Analysts have mixed opinions, with price targets ranging from C$78.00 to C$93.00, reflecting varying levels of confidence in the stock.
• The bank has declared an increased quarterly dividend, now at $1.10 per share, which suggests strong financial health and commitment to returning value to shareholders.

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 Friday . The stock has a 200-day moving average of C$72.98 and traded as high as C$88.44. Bank of Nova Scotia shares last traded at C$87.86, with a volume of 3,676,848 shares.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BNS shares. Bank of America boosted 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. Barclays upped their target price on shares of Bank of Nova Scotia from C$81.00 to C$86.00 in a research note on Wednesday, August 27th. Desjardins upped their target price on shares of Bank of Nova Scotia from C$79.00 to C$85.00 and gave the company a "hold" rating in a research note on Wednesday, August 27th. TD Securities upped their target price 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 note on Wednesday, August 27th. Finally, Jefferies Financial Group upped their target price on shares of Bank of Nova Scotia from C$83.00 to C$86.00 in a research note on Wednesday, August 27th. One 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. According to MarketBeat.com, Bank of Nova Scotia presently has a consensus rating of "Hold" and an average target price of C$85.85.

Bank of Nova Scotia Trading Up 0.3%

The stock has a market cap of C$110.42 billion, a P/E ratio of 16.99, a price-to-earnings-growth ratio of 1.33 and a beta of 1.35. The company's fifty day simple moving average is C$79.47 and its 200-day simple moving average is C$73.43.

Bank of Nova Scotia Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 29th. Shareholders of record on Tuesday, July 29th were issued a $1.10 dividend. This is a boost from Bank of Nova Scotia's previous quarterly dividend of $1.06. The ex-dividend date of this dividend was Wednesday, July 2nd. This represents a $4.40 annualized dividend and a yield of 5.0%. Bank of Nova Scotia's payout ratio is presently 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.