Bank of Nova Scotia (TSE:BNS) Share Price Crosses Above 200 Day Moving Average - Should You Sell?

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 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.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Canaccord Genuity Group increased their price target on Bank of Nova Scotia from C$87.00 to C$90.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. TD Securities boosted their price objective on Bank of Nova Scotia from C$87.00 to C$93.00 and gave the stock a "buy" rating in a research report on Wednesday, August 27th. Bank of America raised their target price on shares of Bank of Nova Scotia from C$78.00 to C$88.00 in a research report on Wednesday, August 27th. Barclays upped their price target on Bank of Nova Scotia from C$81.00 to C$86.00 in a report on Wednesday, August 27th. Finally, UBS Group decreased their target price on Bank of Nova Scotia from C$85.00 to C$78.00 in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of C$85.85.

Bank of Nova Scotia Trading Down 0.1%

The firm's 50 day moving average is C$79.19 and its two-hundred day moving average is C$73.32. The firm has a market cap of C$109.88 billion, a P/E ratio of 16.91, a price-to-earnings-growth ratio of 1.33 and a beta of 1.35.

Bank of Nova Scotia Increases Dividend

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