Bank of Nova Scotia (TSE:BNS) Sets New 52-Week High Following Analyst Upgrade

The Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) shares hit a new 52-week high on Monday after BMO Capital Markets raised their price target on the stock from C$72.00 to C$84.00. The stock traded as high as C$77.08 and last traded at C$76.63, with a volume of 462306 shares trading hands. The stock had previously closed at C$75.94.

Other equities analysts have also issued reports about the stock. Cormark reduced their target price on shares of Bank of Nova Scotia from C$68.00 to C$65.00 and set a “market perform” rating on the stock in a research report on Tuesday, August 20th. Jefferies Financial Group raised their price objective on Bank of Nova Scotia from C$65.00 to C$69.00 and gave the stock a “hold” rating in a report on Wednesday, August 28th. Cibc World Mkts upgraded Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday, September 20th. TD Securities raised their price target on Bank of Nova Scotia from C$80.00 to C$82.00 in a research note on Friday. Finally, Royal Bank of Canada upped their price objective on shares of Bank of Nova Scotia from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 28th. Ten investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of C$70.17.

Bank of Nova Scotia Price Performance

The stock has a market cap of C$96.01 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 1.33 and a beta of 0.97. The firm has a fifty day moving average of C$72.71 and a 200 day moving average of C$67.19.

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

Bank of Nova Scotia Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd were paid 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 5.48%. Bank of Nova Scotia’s dividend payout ratio is currently 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.