Bank of Nova Scotia (NYSE:BNS) Sets New 52-Week High – Here’s What Happened

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) shares reached a new 52-week high on Friday . The stock traded as high as $78.55 and last traded at $78.2590, with a volume of 458999 shares traded. The stock had previously closed at $77.80.

Analysts Set New Price Targets

BNS has been the subject of a number of research reports. Royal Bank Of Canada lifted their target price on Bank of Nova Scotia from $97.00 to $106.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 25th. Weiss Ratings raised Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a report on Wednesday, February 25th. Canaccord Genuity Group lowered Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Finally, TD Securities restated a “hold” rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $106.00.

Bank of Nova Scotia Trading Up 0.3%

The business’s 50 day moving average is $72.67 and its two-hundred day moving average is $71.54. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.68. The firm has a market capitalization of $95.90 billion, a P/E ratio of 16.23, a PEG ratio of 0.92 and a beta of 1.10.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.06. The firm had revenue of $7.40 billion during the quarter, compared to analyst estimates of $6.99 billion. Bank of Nova Scotia had a net margin of 12.40% and a return on equity of 12.49%. Bank of Nova Scotia’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.76 EPS. Analysts expect that Bank of Nova Scotia will post 6.04 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Candriam S.C.A. raised its holdings in Bank of Nova Scotia by 10.2% during the first quarter. Candriam S.C.A. now owns 23,891 shares of the bank’s stock worth $1,652,000 after purchasing an additional 2,204 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in Bank of Nova Scotia by 4.2% during the 1st quarter. Sequoia Financial Advisors LLC now owns 13,996 shares of the bank’s stock valued at $970,000 after purchasing an additional 566 shares in the last quarter. Hsbc Holdings PLC bought a new position in Bank of Nova Scotia during the 1st quarter valued at $512,000. Kathmere Capital Management LLC increased its position in shares of Bank of Nova Scotia by 8.5% during the 1st quarter. Kathmere Capital Management LLC now owns 3,579 shares of the bank’s stock valued at $248,000 after purchasing an additional 281 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Bank of Nova Scotia in the 1st quarter worth $5,665,000. Institutional investors and hedge funds 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.