Bank of Nova Scotia (TSE:BNS) Reaches New 1-Year High – Still a Buy?

The Bank of Nova Scotia (TSE:BNS) (NYSE:BNS)’s share price hit a new 52-week high on Monday . The stock traded as high as C$74.46 and last traded at C$74.08, with a volume of 724775 shares trading hands. The stock had previously closed at C$72.44.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Cormark dropped their price target on shares of Bank of Nova Scotia from C$68.00 to C$65.00 and set a “market perform” rating for the company in a research report on Tuesday, August 20th. BMO Capital Markets dropped their target price on Bank of Nova Scotia from C$74.00 to C$72.00 and set a “market perform” rating for the company in a report on Wednesday, August 28th. CIBC upgraded Bank of Nova Scotia from a “neutral” rating to an “outperform” rating and raised their target price for the stock from C$78.00 to C$82.00 in a research report on Friday, September 20th. Royal Bank of Canada boosted their price target on Bank of Nova Scotia from C$62.00 to C$65.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 28th. Finally, TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating and increased their price objective for the stock from C$71.00 to C$80.00 in a research note on Monday. Ten equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of C$69.00.

Bank of Nova Scotia Stock Down 0.3 %

The firm has a market capitalization of C$91.16 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 1.33 and a beta of 0.97. The business’s fifty day moving average is C$71.17 and its 200 day moving average is C$66.47.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last announced its quarterly earnings data on Tuesday, August 27th. The bank reported C$1.63 earnings per share for the quarter, meeting the consensus estimate of C$1.63. Bank of Nova Scotia had a return on equity of 9.49% and a net margin of 25.38%. The company had revenue of C$8.36 billion during the quarter, compared to analysts’ expectations of C$8.50 billion. Equities research analysts expect that The Bank of Nova Scotia will post 7.1286267 EPS for the current year.

Bank of Nova Scotia Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd were paid a $1.06 dividend. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $4.24 dividend on an annualized basis and a yield of 5.77%. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 74.26%.

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.