Bank of Nova Scotia (The) (BNS) Sets New 1-Year High at $64.94

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $64.94 and last traded at $64.91, with a volume of 676,318 shares changing hands. The stock had previously closed at $64.55.

BNS has been the subject of a number of analyst reports. Citigroup Inc. raised Bank of Nova Scotia (The) from a “neutral” rating to a “buy” rating in a report on Wednesday, September 20th. Scotiabank reissued a “buy” rating and set a $88.00 price objective on shares of Bank of Nova Scotia (The) in a report on Wednesday, August 30th. Canaccord Genuity set a $87.00 price objective on Bank of Nova Scotia (The) and gave the company a “buy” rating in a report on Tuesday, August 29th. Zacks Investment Research raised Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a report on Tuesday, July 18th. Finally, BidaskClub raised Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Bank of Nova Scotia (The) presently has an average rating of “Buy” and an average target price of $83.20.

The firm has a market capitalization of $77.17 billion, a P/E ratio of 12.20 and a beta of 1.26. The firm’s 50 day moving average price is $63.40 and its 200 day moving average price is $60.01.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, August 29th. The bank reported $1.27 earnings per share for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.38). The company had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.28 billion. Bank of Nova Scotia (The) had a net margin of 22.26% and a return on equity of 14.54%. During the same quarter in the previous year, the company posted $1.54 earnings per share. Equities research analysts predict that Bank of Nova Scotia will post $5.20 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Tuesday, October 3rd will be given a dividend of $0.6294 per share. This is an increase from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56. This represents a $2.52 annualized dividend and a dividend yield of 3.91%. The ex-dividend date is Monday, October 2nd. Bank of Nova Scotia (The)’s dividend payout ratio is currently 52.06%.

Several hedge funds have recently made changes to their positions in the stock. Stanley Laman Group Ltd. lifted its position in shares of Bank of Nova Scotia (The) by 0.4% during the 2nd quarter. Stanley Laman Group Ltd. now owns 9,206 shares of the bank’s stock worth $554,000 after buying an additional 39 shares during the last quarter. New England Research & Management Inc. lifted its position in shares of Bank of Nova Scotia (The) by 1.3% during the 2nd quarter. New England Research & Management Inc. now owns 5,700 shares of the bank’s stock worth $343,000 after buying an additional 75 shares during the last quarter. MML Investors Services LLC lifted its position in shares of Bank of Nova Scotia (The) by 2.2% during the 2nd quarter. MML Investors Services LLC now owns 4,935 shares of the bank’s stock worth $297,000 after buying an additional 107 shares during the last quarter. Shoker Investment Counsel Inc. lifted its position in shares of Bank of Nova Scotia (The) by 1.4% during the 2nd quarter. Shoker Investment Counsel Inc. now owns 9,325 shares of the bank’s stock worth $560,000 after buying an additional 133 shares during the last quarter. Finally, Bahl & Gaynor Inc. lifted its position in shares of Bank of Nova Scotia (The) by 1.8% during the 2nd quarter. Bahl & Gaynor Inc. now owns 8,855 shares of the bank’s stock worth $493,000 after buying an additional 155 shares during the last quarter. Institutional investors and hedge funds own 45.12% of the company’s stock.

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About Bank of Nova Scotia (The)

The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

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