Bank of Nova Scotia (NYSE:BNS) Rating Lowered to Neutral at CIBC

Bank of Nova Scotia (NYSE:BNSGet Rating) (TSE:BNS) was downgraded by research analysts at CIBC from a “sector outperform” rating to a “neutral” rating in a research note issued on Monday, The Fly reports.

A number of other equities research analysts have also commented on the stock. BMO Capital Markets upped their price target on shares of Bank of Nova Scotia from C$93.00 to C$95.00 in a report on Wednesday, March 2nd. StockNews.com initiated coverage on shares of Bank of Nova Scotia in a report on Thursday, March 31st. They set a “hold” rating for the company. National Bank Financial upped their price target on shares of Bank of Nova Scotia from C$90.00 to C$91.00 in a report on Wednesday, March 2nd. Zacks Investment Research upgraded shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a report on Thursday, February 24th. Finally, Stifel Nicolaus decreased their price objective on shares of Bank of Nova Scotia from C$107.00 to C$106.00 in a report on Friday, April 8th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $93.66.

Shares of Bank of Nova Scotia stock opened at $67.84 on Monday. Bank of Nova Scotia has a 52-week low of $59.05 and a 52-week high of $74.86. The stock has a market capitalization of $81.64 billion, a price-to-earnings ratio of 10.68, a price-to-earnings-growth ratio of 1.60 and a beta of 0.92. The company has a fifty day moving average of $72.31 and a 200-day moving average of $69.16. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.07 and a current ratio of 1.07.

Bank of Nova Scotia (NYSE:BNSGet Rating) (TSE:BNS) last announced its quarterly earnings data on Tuesday, March 1st. The bank reported $2.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.52. Bank of Nova Scotia had a net margin of 25.54% and a return on equity of 15.22%. The company had revenue of $8.05 billion during the quarter, compared to analysts’ expectations of $7.87 billion. During the same quarter in the prior year, the company earned $1.46 EPS. The firm’s revenue was down .3% on a year-over-year basis. On average, equities research analysts forecast that Bank of Nova Scotia will post 6.66 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in BNS. D Orazio & Associates Inc. purchased a new stake in Bank of Nova Scotia during the 3rd quarter valued at about $30,000. Tower View Investment Management & Research LLC purchased a new stake in shares of Bank of Nova Scotia during the 3rd quarter valued at about $31,000. West Bancorporation Inc. purchased a new stake in shares of Bank of Nova Scotia during the 4th quarter valued at about $33,000. Kistler Tiffany Companies LLC boosted its holdings in shares of Bank of Nova Scotia by 124.5% during the 3rd quarter. Kistler Tiffany Companies LLC now owns 595 shares of the bank’s stock valued at $37,000 after acquiring an additional 330 shares during the last quarter. Finally, Retirement Planning Co of New England Inc. purchased a new position in shares of Bank of Nova Scotia in the fourth quarter worth approximately $42,000. 47.03% of the stock is currently owned by institutional investors.

About Bank of Nova Scotia (Get Rating)

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 in four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

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