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

Shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) hit a new 52-week high during trading on Thursday . The stock traded as high as $78.66 and last traded at $78.4490, with a volume of 1678531 shares traded. The stock had previously closed at $76.67.

Analysts Set New Price Targets

BNS has been the topic of several research analyst reports. TD Securities reaffirmed a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Weiss Ratings raised shares of Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a research report on Wednesday, February 25th. Royal Bank Of Canada increased their price target on shares of Bank of Nova Scotia from $97.00 to $106.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. Finally, Canaccord Genuity Group cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Bank of Nova Scotia presently has an average rating of “Hold” and an average price target of $106.00.

Bank of Nova Scotia Stock Down 0.8%

The company has a debt-to-equity ratio of 0.68, a current ratio of 1.05 and a quick ratio of 1.05. The stock’s fifty day simple moving average is $72.76 and its 200-day simple moving average is $71.93. The stock has a market cap of $95.23 billion, a P/E ratio of 16.11, a PEG ratio of 0.94 and a beta of 1.13.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.06. Bank of Nova Scotia had a net margin of 12.40% and a return on equity of 12.49%. The firm had revenue of $7.40 billion for the quarter, compared to analysts’ expectations of $6.99 billion. During the same quarter last year, the company posted $1.76 earnings per share. Bank of Nova Scotia’s revenue was up 2.9% on a year-over-year basis. On average, research analysts anticipate that Bank of Nova Scotia will post 6.05 earnings per share for the current year.

Institutional Investors Weigh In On Bank of Nova Scotia

A number of hedge funds have recently added to or reduced their stakes in BNS. Mondrian Investment Partners LTD bought a new stake in Bank of Nova Scotia in the third quarter valued at $30,000. Maseco LLP bought a new stake in Bank of Nova Scotia in the first quarter valued at $30,000. Swiss RE Ltd. bought a new stake in Bank of Nova Scotia in the fourth quarter valued at $30,000. Brown Brothers Harriman & Co. bought a new stake in Bank of Nova Scotia in the fourth quarter valued at $34,000. Finally, Quarry LP bought a new stake in Bank of Nova Scotia in the third quarter valued at $35,000. 49.13% of the stock is currently owned by institutional investors.

About Bank of Nova Scotia

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.