The Bank of Nova Scotia (NYSE:BNS) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have received a consensus recommendation of “Moderate Buy” from the ten ratings firms that are covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $72.00.

BNS has been the topic of a number of recent research reports. Royal Bank of Canada upped their price target on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 4th. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Finally, Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th.

Bank of Nova Scotia Stock Up 0.4 %

Shares of NYSE BNS opened at $51.10 on Friday. Bank of Nova Scotia has a one year low of $43.67 and a one year high of $57.07. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The business’s fifty day moving average price is $52.13 and its 200-day moving average price is $52.19. The stock has a market capitalization of $63.64 billion, a PE ratio of 11.83, a P/E/G ratio of 1.16 and a beta of 1.07.

Bank of Nova Scotia Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th were paid a $0.7535 dividend. The ex-dividend date was Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a yield of 5.90%. Bank of Nova Scotia’s dividend payout ratio is currently 68.29%.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of institutional investors have recently added to or reduced their stakes in BNS. Norges Bank bought a new position in Bank of Nova Scotia in the 4th quarter worth about $690,746,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Bank of Nova Scotia by 260.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock worth $298,575,000 after acquiring an additional 3,958,580 shares during the last quarter. Pathway Financial Advisers LLC increased its stake in Bank of Nova Scotia by 5,380.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock worth $216,447,000 after acquiring an additional 3,899,760 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Bank of Nova Scotia by 24.9% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock worth $640,624,000 after acquiring an additional 2,346,995 shares during the last quarter. Finally, Toronto Dominion Bank increased its stake in Bank of Nova Scotia by 9.6% in the 3rd quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock worth $1,361,752,000 after acquiring an additional 2,195,604 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors.

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.