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

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's share price 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 trading hands.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on BNS shares. Royal Bank Of Canada dropped their price target on shares of 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. National Bankshares lifted their price target on shares of Bank of Nova Scotia from C$72.00 to C$73.00 and gave the company a "sector perform" rating in a research report on Friday. CIBC lifted their price target on shares of Bank of Nova Scotia from C$75.00 to C$77.00 in a research report on Thursday, May 22nd. Barclays lifted their price target on shares of Bank of Nova Scotia from C$78.00 to C$81.00 and gave the company an "equal weight" rating in a research report on Thursday. Finally, UBS Group dropped their price target on shares of Bank of Nova Scotia from C$85.00 to C$78.00 in a research report on Thursday, May 22nd. Ten investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of C$78.57.

Bank of Nova Scotia Trading Down 0.0%

The company has a market capitalization of C$96.14 billion, a price-to-earnings ratio of 12.40, a price-to-earnings-growth ratio of 1.33 and a beta of 0.97. The stock's fifty day simple moving average is C$75.71 and its 200-day simple moving average is C$71.87.

Bank of Nova Scotia Increases Dividend

The firm also recently announced 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 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 dividend on an annualized basis and a yield of 5.6%. Bank of Nova Scotia's dividend payout ratio (DPR) is currently 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.