Bank of Nova Scotia (NYSE:BNS) Hits New 52-Week High – Still a Buy?

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $57.15 and last traded at $57.15, with a volume of 1398 shares traded. The stock had previously closed at $57.02.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BNS shares. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. Barclays raised shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has issued 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 $70.00.

Bank of Nova Scotia Price Performance

The company’s 50-day moving average is $53.78 and its 200-day moving average is $49.73. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The firm has a market cap of $71.12 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 1.46 and a beta of 1.05.

Hedge Funds Weigh In On Bank of Nova Scotia

Several institutional investors and hedge funds have recently added to or reduced their stakes in BNS. Franklin Resources Inc. lifted its stake in shares of Bank of Nova Scotia by 15.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,287,198 shares of the bank’s stock valued at $68,689,000 after acquiring an additional 171,539 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Bank of Nova Scotia in the third quarter valued at about $111,000. Toronto Dominion Bank boosted its stake in shares of Bank of Nova Scotia by 9.6% during the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after purchasing an additional 2,195,604 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Bank of Nova Scotia by 10.3% during the third quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock worth $310,817,000 after purchasing an additional 524,496 shares during the last quarter. Finally, Executive Wealth Management LLC acquired a new position in shares of Bank of Nova Scotia in the third quarter valued at approximately $619,000. Institutional investors own 49.13% of the company’s stock.

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.