Bank of Nova Scotia (TSE:BNS) Sets New 12-Month High – Still a Buy?
by Mitch Edgeman · The Markets DailyThe Bank of Nova Scotia (TSE:BNS – Get Free Report) (NYSE:BNS) shares reached a new 52-week high during trading on Monday . The stock traded as high as C$103.10 and last traded at C$102.81, with a volume of 1645039 shares changing hands. The stock had previously closed at C$102.40.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on BNS. TD Securities lifted their target price on Bank of Nova Scotia from C$93.00 to C$99.00 in a report on Monday, November 10th. Barclays raised their price target on Bank of Nova Scotia from C$95.00 to C$97.00 in a report on Wednesday, December 3rd. Desjardins upped their price objective on Bank of Nova Scotia from C$100.00 to C$104.00 and gave the stock a “hold” rating in a report on Thursday, December 18th. BMO Capital Markets increased their target price on Bank of Nova Scotia from C$93.00 to C$98.00 in a research report on Wednesday, December 17th. Finally, CIBC boosted their price target on shares of Bank of Nova Scotia from C$100.00 to C$103.00 and gave the stock a “neutral” rating in a research report on Thursday, December 11th. Four research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of C$93.85.
View Our Latest Research Report on Bank of Nova Scotia
Bank of Nova Scotia Price Performance
The firm has a market capitalization of C$127.12 billion, a PE ratio of 18.13, a P/E/G ratio of 1.33 and a beta of 1.37. The business has a 50-day simple moving average of C$96.95 and a 200-day simple moving average of C$87.48.
Bank of Nova Scotia (TSE:BNS – Get Free Report) (NYSE:BNS) last released its quarterly earnings results on Tuesday, December 2nd. The bank reported C$1.93 earnings per share for the quarter. The company had revenue of C$9.77 billion for the quarter. Bank of Nova Scotia had a return on equity of 9.64% and a net margin of 17.68%. On average, research analysts expect that The Bank of Nova Scotia will post 7.1286267 earnings per share for the current year.
Bank of Nova Scotia Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 29th. Stockholders of record on Wednesday, October 29th were paid a $1.10 dividend. The ex-dividend date of this dividend was Tuesday, October 7th. This represents a $4.40 annualized dividend and a dividend yield of 4.3%. Bank of Nova Scotia’s dividend payout ratio is currently 76.19%.
Insider Activity at Bank of Nova Scotia
In related news, insider Julie Walsh sold 3,716 shares of Bank of Nova Scotia stock in a transaction dated Monday, December 15th. The shares were sold at an average price of C$100.62, for a total transaction of C$373,903.92. Following the completion of the transaction, the insider directly owned 1,430 shares of the company’s stock, valued at approximately C$143,886.60. The trade was a 72.21% decrease in their position. Corporate insiders own 0.03% of the company’s stock.
About Bank of Nova Scotia
Bank of Nova Scotia is a global financial services provider. The bank has five business segments: Canadian banking, international banking, global wealth management, global banking and markets, and other. It 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. The bank’s international operations span numerous countries and are more concentrated in Central and South America.