Bank of Nova Scotia (NYSE:BNS) Reaches New 1-Year High – Here’s Why

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $87.94 and last traded at $87.5980, with a volume of 109014 shares traded. The stock had previously closed at $87.03.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BNS. 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. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of Nova Scotia in a research report on Friday, May 22nd. Royal Bank Of Canada boosted their target price on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a research note on Thursday, May 28th. Finally, TD Securities reiterated a “hold” rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Bank of Nova Scotia has an average rating of “Hold” and a consensus price target of $117.00.

Bank of Nova Scotia Stock Performance

The firm has a market capitalization of $107.20 billion, a PE ratio of 16.69, a PEG ratio of 1.07 and a beta of 1.12. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. The company has a 50-day moving average of $78.75 and a 200 day moving average of $75.02.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released 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 return on equity of 13.16% and a net margin of 13.38%.The firm’s revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.52 earnings per share. Equities research analysts predict that Bank of Nova Scotia will post 6.05 EPS for the current year.

Institutional Trading of Bank of Nova Scotia

A number of institutional investors have recently made changes to their positions in the stock. Canerector Inc. lifted its holdings in shares of Bank of Nova Scotia by 8,899.0% in the third quarter. Canerector Inc. now owns 26,997,000 shares of the bank’s stock worth $1,745,356,000 after buying an additional 26,697,000 shares in the last quarter. Norges Bank bought a new stake in Bank of Nova Scotia in the 4th quarter valued at $1,368,456,000. FIL Ltd lifted its stake in Bank of Nova Scotia by 49.5% in the 4th quarter. FIL Ltd now owns 16,489,540 shares of the bank’s stock worth $1,216,157,000 after purchasing an additional 5,461,052 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Bank of Nova Scotia by 3,120.1% during the 4th quarter. AQR Capital Management LLC now owns 3,556,295 shares of the bank’s stock valued at $262,284,000 after purchasing an additional 3,445,856 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of Bank of Nova Scotia during the third quarter valued at about $138,394,000. Hedge funds and other 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.