Bank of Nova Scotia (NYSE:BNS) Sets New 52-Week High – Time to Buy?

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) shares hit a new 52-week high on Monday . The company traded as high as $88.17 and last traded at $87.9280, with a volume of 143945 shares changing hands. The stock had previously closed at $87.59.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Royal Bank Of Canada increased their target price on Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 28th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $117.00.

Bank of Nova Scotia Stock Performance

The stock’s 50 day moving average price is $82.10 and its two-hundred day moving average price is $76.53. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $107.60 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.08 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, beating the consensus estimate of $1.42 by $0.05. The firm had revenue of $7.24 billion during the quarter, compared to analysts’ expectations of $7.13 billion. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.52 earnings per share. On average, analysts forecast that Bank of Nova Scotia will post 6.01 EPS for the current year.

Institutional Investors Weigh In On Bank of Nova Scotia

Hedge funds and other institutional investors have recently modified their holdings of the stock. Maseco LLP acquired a new stake in shares of Bank of Nova Scotia in the 1st quarter worth approximately $30,000. Swiss RE Ltd. acquired a new position in Bank of Nova Scotia during the fourth quarter worth $30,000. Brown Brothers Harriman & Co. purchased a new stake in Bank of Nova Scotia during the fourth quarter worth $34,000. Quarry LP acquired a new stake in Bank of Nova Scotia in the third quarter valued at $35,000. Finally, CoreCap Advisors LLC grew its holdings in Bank of Nova Scotia by 1,366.7% in the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank’s stock valued at $38,000 after purchasing an additional 410 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.