Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) reached a new 52-week high during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $55.36 and last traded at $55.31, with a volume of 671,389 shares changing hands. The stock had previously closed at $53.94.

The company reported $1.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.06. Bank of Nova Scotia had a net margin of 20.84% and a return on equity of 14.04%. The company earned $6.75 billion during the quarter, compared to analysts’ expectations of $4.92 billion. During the same quarter last year, the company posted $1.45 EPS.

Several brokerages have commented on BNS. TD Securities raised shares of Bank of Nova Scotia to a “buy” rating in a research report on Tuesday. Zacks Investment Research raised shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research report on Friday, November 25th. Credit Suisse Group AG reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a research report on Monday, November 14th. Bank of America Corp. initiated coverage on shares of Bank of Nova Scotia in a research report on Tuesday, November 1st. They set a “buy” rating for the company. Finally, Barclays PLC reaffirmed a “hold” rating on shares of Bank of Nova Scotia in a research report on Thursday, October 27th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $68.09.

A number of hedge funds and other institutional investors have recently bought and sold shares of BNS. Advisor Group Inc. acquired a new position in Bank of Nova Scotia during the second quarter worth approximately $120,000. Glenmede Trust Co. NA raised its position in Bank of Nova Scotia by 2.1% in the second quarter. Glenmede Trust Co. NA now owns 3,553 shares of the company’s stock worth $173,000 after buying an additional 74 shares in the last quarter. Signaturefd LLC raised its position in Bank of Nova Scotia by 29.2% in the second quarter. Signaturefd LLC now owns 3,555 shares of the company’s stock worth $174,000 after buying an additional 803 shares in the last quarter. Cambridge Trust Co. acquired a new position in Bank of Nova Scotia during the third quarter worth approximately $201,000. Finally, Verition Fund Management LLC acquired a new position in Bank of Nova Scotia during the third quarter worth approximately $207,000. Institutional investors own 49.54% of the company’s stock.

The firm has a market cap of $66.12 billion, a P/E ratio of 13.12 and a beta of 1.29. The company’s 50-day moving average price is $53.41 and its 200-day moving average price is $51.72.

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About Bank of Nova Scotia

The Bank of Nova Scotia (Scotiabank or the Bank) is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The Company’s segments include Canadian Banking, International Banking, Global Banking and Markets (GBM), and Other.

5 Day Chart for NYSE:BNS

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