Bank of Nova Scotia (TSE:BNS) Stock Price Passes Above 200 Day Moving Average - What's Next?

Key Points

• The Bank of Nova Scotia's stock recently broke above its 200-day moving average, indicating potential bullish momentum, with shares trading as high as C$78.09.
• Equities research analysts have revised target prices for the stock, with Jefferies Financial Group boosting their target from C$75.00 to C$83.00.
• The bank has increased its quarterly dividend to $1.10 per share, reflecting a growth from the previous $1.06 and resulting in a dividend yield of 5.6%.

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$71.87 and traded as high as C$78.09. Bank of Nova Scotia shares last traded at C$78.01, with a volume of 2,884,412 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group boosted their target price on Bank of Nova Scotia from C$75.00 to C$83.00 in a research report on Wednesday. CIBC boosted their target price on Bank of Nova Scotia from C$75.00 to C$77.00 in a research note on Thursday, May 22nd. Desjardins boosted their target price on Bank of Nova Scotia from C$77.00 to C$79.00 and gave the company a "hold" rating in a research note on Wednesday. Royal Bank Of Canada decreased their price target on Bank of Nova Scotia from C$81.00 to C$80.00 and set a "sector perform" rating for the company in a research note on Monday, June 9th. Finally, Barclays cut their price objective on Bank of Nova Scotia from C$81.00 to C$78.00 and set an "equal weight" rating for the company in a research report on Monday, June 9th. Ten investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of C$78.29.

Bank of Nova Scotia Stock Performance

The firm has a market cap of C$95.60 billion, a P/E ratio of 12.33, a P/E/G ratio of 1.33 and a beta of 0.97. The company has a 50-day moving average of C$75.52 and a 200 day moving average of C$71.87.

Bank of Nova Scotia Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 29th. Investors of record on Tuesday, July 29th were given a dividend of $1.10 per share. This is a boost from Bank of Nova Scotia's previous quarterly dividend of $1.06. The ex-dividend date was Wednesday, July 2nd. This represents a $4.40 annualized dividend and a dividend yield of 5.6%. Bank of Nova Scotia's dividend payout ratio is 67.00%.

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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