Bank of Nova Scotia (NYSE:BNS) Reaches New 52-Week High at $53.28

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $53.28 and last traded at $53.15, with a volume of 21198 shares changing hands. The stock had previously closed at $52.43.

Analyst Ratings Changes

BNS has been the topic of several research reports. UBS Group started coverage on Bank of Nova Scotia in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. StockNews.com downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat, Bank of Nova Scotia presently has an average rating of “Hold” and a consensus price target of $69.00.

Bank of Nova Scotia Stock Up 1.9 %

The company has a market capitalization of $66.48 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 1.64 and a beta of 1.04. The stock’s fifty day simple moving average is $48.30 and its two-hundred day simple moving average is $47.97. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 1.02.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.01. Bank of Nova Scotia had a return on equity of 11.14% and a net margin of 9.84%. The firm had revenue of $8.36 billion for the quarter, compared to analyst estimates of $8.53 billion. During the same period last year, the company earned $1.30 earnings per share. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, sell-side analysts predict that The Bank of Nova Scotia will post 4.8 earnings per share for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 29th. Shareholders of record on Wednesday, October 2nd will be issued a $0.768 dividend. The ex-dividend date is Wednesday, October 2nd. This represents a $3.07 annualized dividend and a dividend yield of 5.68%. Bank of Nova Scotia’s dividend payout ratio is currently 70.72%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. TD Asset Management Inc grew its position in Bank of Nova Scotia by 23.2% during the fourth quarter. TD Asset Management Inc now owns 19,841,901 shares of the bank’s stock valued at $970,577,000 after purchasing an additional 3,731,541 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Bank of Nova Scotia in the second quarter worth about $120,463,000. 1832 Asset Management L.P. lifted its position in shares of Bank of Nova Scotia by 16.1% during the 1st quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock worth $881,082,000 after purchasing an additional 2,361,136 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Bank of Nova Scotia by 17.6% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,563,337 shares of the bank’s stock worth $753,658,000 after acquiring an additional 2,178,633 shares during the last quarter. Finally, Nicola Wealth Management LTD. bought a new position in Bank of Nova Scotia during the first quarter worth $77,670,000. 49.13% of the stock is currently owned by institutional investors and hedge funds.

About Bank of Nova Scotia

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.