Stock On Watch: Will Bank of Nova Scotia Run Out of Steam Soon?

Stock On Watch: Will Bank of Nova Scotia Run Out of Steam Soon?

The stock of Bank of Nova Scotia (NYSE:BNS) hit a new 52-week high and has $57.57 target or 4.00% above today’s $55.36 share price. The 5 months bullish chart indicates low risk for the $67.06B company. The 1-year high was reported on Nov, 29 by Barchart.com. If the $57.57 price target is reached, the company will be worth $2.68B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 633,469 shares traded hands. Bank of Nova Scotia (NYSE:BNS) has risen 4.47% since April 26, 2016 and is uptrending. It has underperformed by 0.79% the S&P500.

Bank of Nova Scotia (NYSE:BNS) Ratings Coverage

Out of 8 analysts covering The Bank Of Nova Scotia (NYSE:BNS), 4 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 50% are positive. $77 is the highest target while $61 is the lowest. The $67.14 average target is 21.28% above today’s ($55.36) stock price. The Bank Of Nova Scotia has been the topic of 14 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The rating was initiated by Dundee Securities with “Buy” on Wednesday, September 21. The rating was maintained by Canaccord Genuity on Friday, August 28 with “Buy”. RBC Capital Markets maintained Bank of Nova Scotia (NYSE:BNS) on Monday, August 31 with “Outperform” rating. RBC Capital Markets maintained the shares of BNS in a report on Wednesday, December 2 with “Outperform” rating. RBC Capital Markets maintained Bank of Nova Scotia (NYSE:BNS) rating on Wednesday, August 31. RBC Capital Markets has “Outperform” rating and $77 price target. Macquarie Research downgraded Bank of Nova Scotia (NYSE:BNS) on Thursday, June 9 to “Neutral” rating.

According to Zacks Investment Research, “Bank of Nova Scotia is one of North America’s premier financial institutions and Canada’s most international bank. They offer a diverse range of products and services including personal, commercial, corporate and investment banking. Scotiabank has built long-term value and recorded consistent earnings growth by building on its core strengths and by executing exceptionally well in its core businesses. These include Domestic Banking, Wealth Management, International Banking and Scotia Capital.”

More notable recent Bank of Nova Scotia (NYSE:BNS) news were published by: Business.Financialpost.com which released: “Scotiabank profit beats expectations, opens door for acquisitions, buybacks” on November 29, 2016, also Reuters.com with their article: “BRIEF-Bank of Nova Scotia posts Q4 earnings per share C$1.57” published on November 29, 2016, Nasdaq.com published: “Earnings Reaction History: Bank of Nova Scotia, 25.0% Follow-Through Indicator …” on November 29, 2016. More interesting news about Bank of Nova Scotia (NYSE:BNS) were released by: Fool.ca and their article: “Bank of Nova Scotia Offers the Best Growth Potential of Canada’s Banks” published on November 15, 2016 as well as Fool.ca‘s news article titled: “TFSA Investors: Why Bank of Nova Scotia Is a Better Pick Than Bonds” with publication date: October 31, 2016.

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