Bank of Nova Scotia (NYSE:BNS) Sets New 12-Month High – Should You Buy?

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $66.70 and last traded at $66.9490, with a volume of 1437029 shares changing hands. The stock had previously closed at $65.86.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Bank of Nova Scotia in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research report on Saturday, August 30th. Finally, Royal Bank Of Canada increased their price target on shares of Bank of Nova Scotia from $80.00 to $86.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 27th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $86.00.

Bank of Nova Scotia Trading Up 0.5%

The firm has a market cap of $82.98 billion, a P/E ratio of 18.03, a P/E/G ratio of 1.49 and a beta of 1.17. The firm has a fifty day moving average of $64.43 and a 200-day moving average of $57.87. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, August 26th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.09. The company had revenue of $6.85 billion for the quarter, compared to analysts’ expectations of $9.29 billion. Bank of Nova Scotia had a return on equity of 11.61% and a net margin of 9.74%.The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the business posted $1.63 earnings per share. Equities research analysts forecast that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Norges Bank acquired a new stake in shares of Bank of Nova Scotia during the 2nd quarter valued at $838,738,000. Goldman Sachs Group Inc. raised its holdings in Bank of Nova Scotia by 255.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,174,780 shares of the bank’s stock worth $482,590,000 after buying an additional 7,315,915 shares during the period. JPMorgan Chase & Co. increased its position in shares of Bank of Nova Scotia by 83.4% in the second quarter. JPMorgan Chase & Co. now owns 13,148,255 shares of the bank’s stock worth $726,704,000 after acquiring an additional 5,979,338 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Bank of Nova Scotia by 141.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 8,364,411 shares of the bank’s stock worth $396,650,000 after purchasing an additional 4,894,754 shares during the period. Finally, Murchinson Ltd. acquired a new stake in Bank of Nova Scotia during the 1st quarter valued at $203,953,000. 49.13% of the stock is 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.