Bank of Nova Scotia (NYSE:BNS) Sets New 1-Year High – Should You Buy?

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $57.15 and last traded at $57.15, with a volume of 1398 shares changing hands. The stock had previously closed at $57.02.

Analyst Upgrades and Downgrades

BNS has been the subject of several research reports. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $70.00.

Bank of Nova Scotia Trading Up 0.2 %

The business has a 50 day simple moving average of $53.78 and a 200-day simple moving average of $49.73. The stock has a market capitalization of $71.12 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 1.46 and a beta of 1.05. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 1.02.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BNS. Mather Group LLC. lifted its position in Bank of Nova Scotia by 1,388.9% in the 2nd quarter. Mather Group LLC. now owns 536 shares of the bank’s stock valued at $25,000 after acquiring an additional 500 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Bank of Nova Scotia by 3,127.8% during the second quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock worth $27,000 after buying an additional 563 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after buying an additional 810 shares in the last quarter. City State Bank acquired a new stake in Bank of Nova Scotia in the 3rd quarter valued at approximately $57,000. Finally, EverSource Wealth Advisors LLC boosted its position in Bank of Nova Scotia by 102.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,605 shares of the bank’s stock worth $83,000 after acquiring an additional 811 shares during the last quarter. Institutional investors own 49.13% of the company’s stock.

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.