Bank of Nova Scotia (TSE:BNS) Sets New 12-Month High – Here’s Why

The Bank of Nova Scotia (TSE:BNS) (NYSE:BNS)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as C$79.28 and last traded at C$79.28, with a volume of 196250 shares traded. The stock had previously closed at C$78.91.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. CIBC raised shares of Bank of Nova Scotia from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from C$78.00 to C$82.00 in a research report on Friday, September 20th. Jefferies Financial Group raised their price objective on shares of Bank of Nova Scotia from C$65.00 to C$69.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Cormark reduced their price objective on shares of Bank of Nova Scotia from C$68.00 to C$65.00 and set a “market perform” rating for the company in a research note on Tuesday, August 20th. TD Securities lifted their target price on shares of Bank of Nova Scotia from C$80.00 to C$82.00 in a research report on Friday, November 15th. Finally, Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating and lifted their target price for the stock from C$71.00 to C$84.00 in a research report on Tuesday, November 19th. Seven analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Bank of Nova Scotia has a consensus rating of “Moderate Buy” and a consensus price target of C$75.82.

Bank of Nova Scotia Stock Up 0.3 %

The firm has a market cap of C$98.13 billion, a P/E ratio of 13.82, a price-to-earnings-growth ratio of 1.33 and a beta of 0.97. The stock’s 50-day moving average is C$73.46 and its 200-day moving average is C$67.64.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last posted its earnings results on Tuesday, August 27th. The bank reported C$1.63 earnings per share for the quarter, hitting the consensus estimate of C$1.63. The business had revenue of C$8.36 billion for the quarter, compared to analyst estimates of C$8.50 billion. Bank of Nova Scotia had a net margin of 25.38% and a return on equity of 9.49%. As a group, analysts expect that The Bank of Nova Scotia will post 7.1286267 EPS for the current fiscal year.

Bank of Nova Scotia Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd were given a dividend of $1.06 per share. The ex-dividend date was Wednesday, October 2nd. This represents a $4.24 annualized dividend and a yield of 5.36%. Bank of Nova Scotia’s dividend payout ratio (DPR) is 74.26%.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.