Bank of Nova Scotia (NYSE:BNS) Reaches New 1-Year High – What’s Next?

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $90.80 and last traded at $90.4030, with a volume of 34023 shares trading hands. The stock had previously closed at $90.33.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada upped their target price on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a report on Thursday, May 28th. Weiss Ratings raised shares of Bank of Nova Scotia from a “buy (b)” rating to a “buy (a-)” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

Bank of Nova Scotia Price Performance

The company has a debt-to-equity ratio of 0.69, a current ratio of 1.04 and a quick ratio of 1.04. The company has a 50 day moving average price of $86.93 and a 200 day moving average price of $79.12. The firm has a market cap of $111.51 billion, a PE ratio of 17.46, a PEG ratio of 1.13 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.05. The company had revenue of $7.24 billion for the quarter, compared to analyst estimates of $7.13 billion. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.52 EPS. Sell-side analysts expect that Bank of Nova Scotia will post 5.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Bank of Nova Scotia

Large investors have recently bought and sold shares of the stock. Maseco LLP purchased a new position in shares of Bank of Nova Scotia during the 1st quarter worth about $30,000. Swiss RE Ltd. purchased a new position in shares of Bank of Nova Scotia in the 4th quarter valued at $30,000. Brown Brothers Harriman & Co. acquired a new position in shares of Bank of Nova Scotia during the 4th quarter valued at $34,000. Quarry LP purchased a new stake in Bank of Nova Scotia during the 3rd quarter worth $35,000. Finally, CoreCap Advisors LLC boosted its position in Bank of Nova Scotia by 1,366.7% during the 2nd quarter. CoreCap Advisors LLC now owns 440 shares of the bank’s stock worth $38,000 after purchasing an additional 410 shares during the period. Institutional investors and hedge funds own 49.13% of the company’s stock.

About Bank of Nova Scotia

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.