Bank of Nova Scotia (NYSE:BNS) Sets New 52-Week High – Still a Buy?

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) hit a new 52-week high during trading on Monday . The stock traded as high as $74.53 and last traded at $73.9780, with a volume of 90228 shares. The stock had previously closed at $74.17.

Wall Street Analyst Weigh In

Several research firms have issued reports on BNS. Royal Bank Of Canada increased their target price on shares of Bank of Nova Scotia from $86.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 3rd. Weiss Ratings restated a “hold (c+)” rating on shares of Bank of Nova Scotia in a research note on Monday, December 22nd. Finally, Raymond James Financial assumed coverage on Bank of Nova Scotia in a research report on Tuesday, November 25th. They set an “outperform” rating for the company. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $97.00.

Bank of Nova Scotia Price Performance

The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $91.39 billion, a PE ratio of 18.39, a PEG ratio of 0.97 and a beta of 1.13. The business has a fifty day moving average price of $68.73 and a 200-day moving average price of $62.47.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, December 2nd. The bank reported $1.39 EPS for the quarter, topping the consensus estimate of $1.33 by $0.06. Bank of Nova Scotia had a net margin of 10.60% and a return on equity of 12.10%. The firm had revenue of $6.99 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period last year, the firm posted $1.57 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year. Research analysts expect that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Shareholders of record on Tuesday, January 6th will be paid a $1.10 dividend. The ex-dividend date of this dividend is Tuesday, January 6th. This represents a $4.40 annualized dividend and a yield of 6.0%. Bank of Nova Scotia’s payout ratio is currently 78.61%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Mondrian Investment Partners LTD purchased a new stake in Bank of Nova Scotia during the 3rd quarter valued at about $30,000. Quarry LP purchased a new position in Bank of Nova Scotia in the 3rd quarter worth approximately $35,000. Virtus Advisers LLC bought a new stake in Bank of Nova Scotia in the third quarter valued at approximately $39,000. Cypress Capital Management LLC WY bought a new stake in Bank of Nova Scotia in the second quarter valued at approximately $33,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Bank of Nova Scotia during the third quarter valued at approximately $45,000. Hedge funds and other institutional investors 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.