The Bank of Nova Scotia (NYSE:BNS) Receives $72.00 Consensus Price Target from Brokerages

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have been assigned an average recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $72.00.

Several analysts have recently commented on the company. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. Royal Bank of Canada increased their price objective on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a report on Wednesday, December 4th. 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 America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, 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.

Bank of Nova Scotia Trading Down 1.2 %

Shares of NYSE BNS opened at $51.24 on Monday. Bank of Nova Scotia has a 12 month low of $43.67 and a 12 month high of $57.07. The business has a fifty day simple moving average of $53.60 and a 200-day simple moving average of $51.79. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The company has a market cap of $63.81 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 1.17 and a beta of 1.08.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were given a $0.7535 dividend. This represents a $3.01 annualized dividend and a yield of 5.88%. The ex-dividend date of this dividend was Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 68.29%.

Hedge Funds Weigh In On Bank of Nova Scotia

Several large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company boosted its holdings in Bank of Nova Scotia by 17.5% during the third quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock worth $241,981,000 after buying an additional 660,097 shares during the last quarter. Intact Investment Management Inc. boosted its stake in Bank of Nova Scotia by 48.3% during the 3rd quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock worth $85,201,000 after acquiring an additional 509,120 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Bank of Nova Scotia by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,744,062 shares of the bank’s stock valued at $204,214,000 after purchasing an additional 150,247 shares during the period. Citigroup Inc. grew its holdings in Bank of Nova Scotia by 12.3% during the third quarter. Citigroup Inc. now owns 580,664 shares of the bank’s stock valued at $31,673,000 after purchasing an additional 63,528 shares during the period. Finally, Pathway Financial Advisers LLC increased its stake in Bank of Nova Scotia by 5,380.9% in the third quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock valued at $216,447,000 after purchasing an additional 3,899,760 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

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.