Bank of Nova Scotia (NYSE:BNS) Reaches New 1-Year High – Still a Buy?

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS)’s share price hit a new 52-week high on Monday . The stock traded as high as $72.28 and last traded at $72.0450, with a volume of 116371 shares. The stock had previously closed at $71.70.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Royal Bank Of Canada lifted their target price on shares of Bank of Nova Scotia from $86.00 to $97.00 and gave the company a “sector perform” rating in a research note on Wednesday, December 3rd. Weiss Ratings cut Bank of Nova Scotia from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, December 3rd. Raymond James Financial assumed coverage on Bank of Nova Scotia in a research report on Tuesday, November 25th. They issued an “outperform” rating for the company. Finally, Wall Street Zen raised Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Saturday, August 30th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $97.00.

Bank of Nova Scotia Price Performance

The stock has a 50-day simple moving average of $66.45 and a 200 day simple moving average of $60.67. The stock has a market capitalization of $89.22 billion, a P/E ratio of 17.95, a price-to-earnings-growth ratio of 0.94 and a beta of 1.13. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.04 and a current ratio of 1.04.

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

Bank of Nova Scotia Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Tuesday, January 6th will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend is Tuesday, January 6th. Bank of Nova Scotia’s dividend payout ratio (DPR) is 78.11%.

Hedge Funds Weigh In On Bank of Nova Scotia

Several large investors have recently bought and sold shares of the business. Mondrian Investment Partners LTD acquired a new stake in Bank of Nova Scotia during the 3rd quarter worth $30,000. Cypress Capital Management LLC WY bought a new position in shares of Bank of Nova Scotia in the 2nd quarter worth $33,000. Quarry LP acquired a new stake in shares of Bank of Nova Scotia during the third quarter worth $35,000. Virtus Advisers LLC acquired a new stake in shares of Bank of Nova Scotia during the third quarter worth $39,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in Bank of Nova Scotia in the third quarter valued at about $45,000. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

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.