Bank of Nova Scotia (NYSE:BNS) Sets New 12-Month High – Should You Buy?

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS)’s stock price hit a new 52-week high on Monday . The stock traded as high as $84.46 and last traded at $85.0170, with a volume of 611 shares. The stock had previously closed at $83.99.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Royal Bank Of Canada boosted their price objective 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. TD Securities restated a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Bank of Nova Scotia in a research report on Friday, May 22nd. Finally, Canaccord Genuity Group downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $117.00.

Bank of Nova Scotia Stock Up 1.0%

The business’s fifty day moving average price is $77.77 and its 200 day moving average price is $74.65. The firm has a market capitalization of $104.73 billion, a price-to-earnings ratio of 16.32, a PEG ratio of 1.04 and a beta of 1.12. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.05. The business had revenue of $7.24 billion for the quarter, compared to analysts’ expectations of $7.13 billion. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.52 EPS. On average, equities analysts expect that Bank of Nova Scotia will post 6.05 EPS for the current year.

Hedge Funds Weigh In On Bank of Nova Scotia

Institutional investors have recently bought and sold shares of the company. Mondrian Investment Partners LTD acquired a new position in Bank of Nova Scotia in the 3rd quarter valued at $30,000. Maseco LLP acquired a new position in Bank of Nova Scotia in the 1st quarter valued at $30,000. Swiss RE Ltd. acquired a new position in Bank of Nova Scotia in the 4th quarter valued at $30,000. Brown Brothers Harriman & Co. acquired a new position in Bank of Nova Scotia in the 4th quarter valued at $34,000. Finally, Quarry LP acquired a new position in Bank of Nova Scotia in the 3rd quarter valued at $35,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

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.