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

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $71.00 and last traded at $70.0390, with a volume of 591640 shares trading hands. The stock had previously closed at $68.57.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BNS shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of Nova Scotia in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Saturday, August 30th. Raymond James Financial started coverage on Bank of Nova Scotia in a research report on Tuesday, November 25th. They set an “outperform” rating for the company. Finally, Royal Bank Of Canada raised their price target on Bank of Nova Scotia from $80.00 to $86.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 27th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Bank of Nova Scotia presently has a consensus rating of “Hold” and an average target price of $86.00.

Bank of Nova Scotia Stock Performance

The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a 50 day moving average of $65.65 and a two-hundred day moving average of $59.84. The stock has a market cap of $86.58 billion, a P/E ratio of 18.83, a P/E/G ratio of 1.49 and a beta of 1.17.

Hedge Funds Weigh In On Bank of Nova Scotia

Several institutional investors and hedge funds have recently added to or reduced their stakes in BNS. Bank of New York Mellon Corp raised its stake in shares of Bank of Nova Scotia by 3.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,200,107 shares of the bank’s stock valued at $66,330,000 after buying an additional 44,316 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its stake in Bank of Nova Scotia by 1,439.7% during the second quarter. Y Intercept Hong Kong Ltd now owns 108,750 shares of the bank’s stock worth $6,011,000 after purchasing an additional 101,687 shares during the period. AGF Management Ltd. acquired a new stake in Bank of Nova Scotia during the second quarter valued at approximately $21,803,000. Scheer Rowlett & Associates Investment Management Ltd. boosted its holdings in Bank of Nova Scotia by 2.9% during the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 1,188,376 shares of the bank’s stock valued at $65,755,000 after purchasing an additional 33,800 shares in the last quarter. Finally, Ritholtz Wealth Management grew its stake in shares of Bank of Nova Scotia by 261.9% in the 2nd quarter. Ritholtz Wealth Management now owns 15,811 shares of the bank’s stock valued at $874,000 after purchasing an additional 11,442 shares during the period. 49.13% of the stock is currently owned by institutional investors.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.