Bank of Nova Scotia (NYSE:BNS) Sees Large Volume Increase – Time to Buy?

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) shares saw an uptick in trading volume on Monday . Approximately 7,213,352 shares were traded during trading, an increase of 204% from the previous session’s volume of 2,369,791 shares.The stock last traded at $86.7710 and had previously closed at $85.40.

Wall Street Analysts Forecast Growth

BNS has been the topic of a number of research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of Nova Scotia in a research report on Friday, May 22nd. Canaccord Genuity Group downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Royal Bank Of Canada increased their target price on 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 investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $117.00.

Bank of Nova Scotia Stock Performance

The stock has a market cap of $106.40 billion, a P/E ratio of 16.58, a PEG ratio of 1.06 and a beta of 1.11. The company has a fifty day moving average of $81.05 and a 200 day moving average of $76.04. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.04 and a quick ratio of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.05. The firm had revenue of $7.24 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up 8.3% on a year-over-year basis. During the same period last year, the company posted $1.52 EPS. On average, equities analysts predict that Bank of Nova Scotia will post 6.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of Nova Scotia

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prospera Financial Services Inc grew its holdings in shares of Bank of Nova Scotia by 3.9% during the fourth quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank’s stock valued at $341,000 after buying an additional 173 shares in the last quarter. Larson Financial Group LLC lifted its stake in Bank of Nova Scotia by 22.3% in the 4th quarter. Larson Financial Group LLC now owns 1,280 shares of the bank’s stock worth $94,000 after acquiring an additional 233 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Bank of Nova Scotia by 8.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,193 shares of the bank’s stock worth $235,000 after acquiring an additional 239 shares in the last quarter. Parallel Advisors LLC boosted its position in Bank of Nova Scotia by 8.5% during the 3rd quarter. Parallel Advisors LLC now owns 3,326 shares of the bank’s stock worth $215,000 after acquiring an additional 261 shares during the period. Finally, Kathmere Capital Management LLC boosted its position in 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 worth $248,000 after acquiring an additional 281 shares during the period. 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.