CIBC lifts The Bank of Nova Scotia [BNS] price estimate. Who else is bullish?

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The Bank of Nova Scotia [NYSE: BNS] surged by $0.27 during the normal trading session on Thursday and reaching a high of $65.00 during the day while it closed the day at $64.21. The company report on April 28, 2022 that SCOTIABANK WINS BEST USE OF TECHNOLOGY FOR OVERALL CUSTOMER EXPERIENCE BY THE DIGITAL BANKER.

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Scotiabank has been recognized for the Best Use of Technology for Customer Experience – Overall by The Digital Banker’s Global Digital CX Banking Awards 2022. The Digital Banker is a global news, business intelligence, and research provider that recognizes pioneering innovation in Digital Customer Experience across financial services.

“Scotiabank is continually innovating, digitizing, and modernizing the Bank to find new and more effective ways to meet our customer’s evolving needs,” said Michael Zerbs, Group Head, Technology & Operations, Scotiabank. “Solutions like e-Teller are making banking safer, quicker, and easier – while improving anti-fraud security, reducing transaction time, and further automating administrative processes – so our teams can spend more time providing leading advice to better serve our customers.”.

The Bank of Nova Scotia stock has also loss -6.58% of its value over the past 7 days. However, BNS stock has declined by -9.73% in the 3 months of the year. Over the past six months meanwhile, it has lost -3.89% and lost -10.43% year-on date.

The market cap for BNS stock reached $79.15 billion, with 1.21 billion shares outstanding and 1.20 billion shares in the current float. Compared to the average trading volume of 1.73M shares, BNS reached a trading volume of 3209563 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about The Bank of Nova Scotia [BNS]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BNS shares is $75.57 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BNS stock is a recommendation set at 1.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

CIBC have made an estimate for The Bank of Nova Scotia shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on April 11, 2022. The new note on the price target was released on March 10, 2022, representing the official price target for The Bank of Nova Scotia stock.

The Average True Range (ATR) for The Bank of Nova Scotia is set at 1.29, with the Price to Sales ratio for BNS stock in the period of the last 12 months amounting to 3.99. The Price to Book ratio for the last quarter was 1.48, with the Price to Cash per share for the same quarter was set at 275.56.

BNS stock trade performance evaluation

The Bank of Nova Scotia [BNS] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.58. With this latest performance, BNS shares dropped by -12.91% in over the last four-week period, additionally sinking by -3.89% over the last 6 months – not to mention a rise of 0.39% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BNS stock in for the last two-week period is set at 26.77, with the RSI for the last a single of trading hit 22.26, and the three-weeks RSI is set at 31.13 for The Bank of Nova Scotia [BNS]. The present Moving Average for the last 50 days of trading for this stock 70.88, while it was recorded at 65.39 for the last single week of trading, and 67.26 for the last 200 days.

The Bank of Nova Scotia [BNS]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and The Bank of Nova Scotia [BNS] shares currently have an operating margin of +30.67. The Bank of Nova Scotia’s Net Margin is presently recorded at +25.23.

Return on Equity for this stock inclined to 13.85, with Return on Assets sitting at 0.83.

Earnings per share (EPS) analysis for The Bank of Nova Scotia [BNS] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for BNS. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for The Bank of Nova Scotia go to 5.60%.

The Bank of Nova Scotia [BNS]: Insider Ownership positions

There are presently around $35,337 million, or 65.50% of BNS stock, in the hands of institutional investors. The top three institutional holders of BNS stocks are: ROYAL BANK OF CANADA with ownership of 111,705,617, which is approximately 4.108% of the company’s market cap and around 0.02% of the total institutional ownership; BANK OF MONTREAL /CAN/, holding 52,987,256 shares of the stock with an approximate value of $3.4 billion in BNS stocks shares; and VANGUARD GROUP INC, currently with $2.55 billion in BNS stock with ownership of nearly 2.555% of the company’s market capitalization.

204 institutional holders increased their position in The Bank of Nova Scotia [NYSE:BNS] by around 31,768,099 shares. Additionally, 178 investors decreased positions by around 55,136,541 shares, while 89 investors held positions by with 463,423,904 shares. The mentioned changes placed institutional holdings at 550,328,544 shares, according to the latest SEC report filing. BNS stock had 53 new institutional investments in for a total of 3,646,499 shares, while 41 institutional investors sold positions of 3,656,493 shares during the same period.