Bank of Nova Scotia (NYSE:BNS) Hits New 12-Month High – What’s Next?

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) shares hit a new 52-week high during trading on Monday . The stock traded as high as $88.17 and last traded at $87.9280, with a volume of 143945 shares. The stock had previously closed at $87.59.

Wall Street Analysts Forecast Growth

BNS has been the subject of several analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. Royal Bank Of Canada increased their target price 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. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $117.00.

Bank of Nova Scotia Trading Up 1.2%

The company has a market capitalization of $109.04 billion, a P/E ratio of 16.99, a P/E/G ratio of 1.09 and a beta of 1.11. The company has a 50-day simple moving average of $82.55 and a 200 day simple moving average of $76.74. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.05. The business had revenue of $7.24 billion for the quarter, compared to the consensus estimate of $7.13 billion. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. Bank of Nova Scotia’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the company posted $1.52 earnings per share. Sell-side analysts expect that Bank of Nova Scotia will post 6.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Mn Services Vermogensbeheer B.V. grew its stake in shares of Bank of Nova Scotia by 17.0% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 285,843 shares of the bank’s stock valued at $21,109,000 after purchasing an additional 41,443 shares during the period. Swiss Life Asset Management Ltd lifted its position in shares of Bank of Nova Scotia by 18.8% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 181,727 shares of the bank’s stock worth $11,767,000 after buying an additional 28,745 shares during the period. Kepler Cheuvreux Suisse SA lifted its position in shares of Bank of Nova Scotia by 85.7% during the 4th quarter. Kepler Cheuvreux Suisse SA now owns 246,523 shares of the bank’s stock worth $18,166,000 after buying an additional 113,765 shares during the period. Vanguard Group Inc. boosted its stake in Bank of Nova Scotia by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 57,237,537 shares of the bank’s stock valued at $4,221,440,000 after buying an additional 1,169,073 shares in the last quarter. Finally, Triasima Portfolio Management inc. boosted its stake in Bank of Nova Scotia by 22.6% in the 4th quarter. Triasima Portfolio Management inc. now owns 129,807 shares of the bank’s stock valued at $9,586,000 after buying an additional 23,925 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

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.