Bank of Nova Scotia (NYSE:BNS) Reaches New 1-Year High - Time to Buy?

Key Points

• Bank of Nova Scotia shares reached a new 52-week high of $95.74 before closing at $94.05, while the stock holds a “Moderate Buy” consensus rating and an average analyst price target of $117.
• The bank exceeded quarterly expectations, reporting $1.64 in EPS versus the $1.53 consensus and revenue of $7.52 billion, up 11.1% year over year.
• Scotiabank announced a quarterly dividend of $1.14, equivalent to $4.56 annually and a 4.8% yield; institutional investors own 49.13% of the company.

Bank of Nova Scotia (The) (NYSE:BNS - Get Free Report) TSE: BNS's stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $95.74 and last traded at $94.05, with a volume of 1706528 shares. The stock had previously closed at $95.35.

Analyst Ratings Changes

A number of research firms have recently commented on BNS. Weiss Ratings upgraded Bank of Nova Scotia from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday, September 1st. Royal Bank Of Canada boosted their price target on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 28th. National Bank Financial raised shares of Bank of Nova Scotia from a "sector perform" rating to an "outperform" rating in a research note on Wednesday, August 26th. Keefe, Bruyette & Woods assumed coverage on shares of Bank of Nova Scotia in a research report on Friday, August 21st. They set an "outperform" rating for the company. Finally, TD Securities raised shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research note on Tuesday, August 25th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $117.00.

Bank of Nova Scotia Trading Down 1.4%

The stock has a market cap of $114.44 billion, a PE ratio of 17.02, a PEG ratio of 1.07 and a beta of 1.12. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a fifty day moving average price of $90.45 and a 200 day moving average price of $82.25.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its quarterly earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.11. The company had revenue of $7.52 billion for the quarter, compared to analyst estimates of $7.11 billion. Bank of Nova Scotia had a return on equity of 16.12% and a net margin of 13.91%.Bank of Nova Scotia's quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.84 EPS. Equities analysts expect that Bank of Nova Scotia will post 6.19 EPS for the current year.

Bank of Nova Scotia Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Tuesday, October 6th will be paid a $1.14 dividend. The ex-dividend date of this dividend is Tuesday, October 6th. This represents a $4.56 annualized dividend and a dividend yield of 4.8%. Bank of Nova Scotia's dividend payout ratio is currently 58.05%.

Hedge Funds Weigh In On Bank of Nova Scotia

Large investors have recently made changes to their positions in the company. Maseco LLP bought a new stake in shares of Bank of Nova Scotia in the 1st quarter valued at about $30,000. CoreCap Advisors LLC boosted its stake in shares of Bank of Nova Scotia by 1,366.7% during the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank's stock valued at $38,000 after purchasing an additional 410 shares in the last quarter. Addison Advisors LLC purchased a new position in Bank of Nova Scotia during the second quarter valued at approximately $39,000. Global Retirement Partners LLC purchased a new position in Bank of Nova Scotia during the second quarter valued at approximately $46,000. Finally, Jones Financial Companies Lllp bought a new position in Bank of Nova Scotia in the second quarter worth approximately $61,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia, operating as Scotiabank, is a Canadian financial institution headquartered in Toronto, Ontario. Founded in Halifax in 1832, the bank provides banking and financial services to individuals, businesses, institutions and governments.

Scotiabank's principal activities include Canadian personal and commercial banking, international banking, global wealth management, and global banking and markets. Its products and services include deposit accounts, mortgages, consumer and commercial loans, credit cards, investment products, financial planning, asset management, foreign exchange, capital markets services and corporate banking.

The bank serves customers across Canada and maintains international operations in Mexico, Peru, Chile, the Caribbean, Central America and other selected markets.

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