Bank of Nova Scotia (NYSE:BNS) Sets New 12-Month High at $54.74

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) reached a new 52-week high on Thursday . The company traded as high as $54.74 and last traded at $54.74, with a volume of 160305 shares traded. The stock had previously closed at $53.92.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BNS shares. StockNews.com cut shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. UBS Group initiated coverage on shares of Bank of Nova Scotia in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Finally, Cibc World Mkts upgraded shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $69.00.

Bank of Nova Scotia Stock Performance

The firm has a 50 day moving average of $48.69 and a two-hundred day moving average of $48.04. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market cap of $67.83 billion, a PE ratio of 12.32, a PEG ratio of 1.71 and a beta of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data 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. The business had revenue of $8.36 billion during the quarter, compared to the consensus estimate of $8.53 billion. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The company’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.30 EPS. Research analysts predict that The Bank of Nova Scotia will post 4.8 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 29th. Shareholders of record on Wednesday, October 2nd will be paid a $0.768 dividend. The ex-dividend date is Wednesday, October 2nd. This represents a $3.07 annualized dividend and a yield of 5.60%. Bank of Nova Scotia’s dividend payout ratio is presently 69.82%.

Institutional Trading of Bank of Nova Scotia

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Bank of Nova Scotia by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 47,862,189 shares of the bank’s stock valued at $2,478,304,000 after purchasing an additional 891,157 shares during the period. 1832 Asset Management L.P. boosted its holdings in shares of Bank of Nova Scotia by 16.1% in the first quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock valued at $881,082,000 after acquiring an additional 2,361,136 shares during the period. Mackenzie Financial Corp grew its position in shares of Bank of Nova Scotia by 4.7% during the second quarter. Mackenzie Financial Corp now owns 15,091,880 shares of the bank’s stock worth $690,438,000 after acquiring an additional 683,946 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Bank of Nova Scotia by 17.6% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,563,337 shares of the bank’s stock valued at $753,658,000 after acquiring an additional 2,178,633 shares during the period. Finally, Legal & General Group Plc raised its position in Bank of Nova Scotia by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 9,281,724 shares of the bank’s stock valued at $424,497,000 after purchasing an additional 57,796 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

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.