Bank of Nova Scotia (NYSE:BNS) Earns Sell Rating from Analysts at StockNews.com

Stock analysts at StockNews.com began coverage on shares of Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) in a research report issued to clients and investors on Thursday. The firm set a “sell” rating on the bank’s stock.

A number of other equities analysts also recently issued reports on the company. Canaccord Genuity Group downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Wednesday, March 1st. Royal Bank of Canada cut their target price on Bank of Nova Scotia from $86.00 to $77.00 and set a “sector perform” rating for the company in a research note on Wednesday, March 1st. Finally, Scotiabank downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 28th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $87.15.

Bank of Nova Scotia Stock Down 1.8 %

Bank of Nova Scotia stock opened at $47.40 on Thursday. Bank of Nova Scotia has a twelve month low of $45.26 and a twelve month high of $74.82. The stock has a 50 day moving average of $52.08 and a two-hundred day moving average of $50.96. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $56.49 billion, a price-to-earnings ratio of 8.53, a PEG ratio of 1.94 and a beta of 1.01.

Hedge Funds Weigh In On Bank of Nova Scotia

Several hedge funds have recently bought and sold shares of BNS. Massmutual Trust Co. FSB ADV increased its stake in Bank of Nova Scotia by 302.3% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 535 shares of the bank’s stock valued at $26,000 after purchasing an additional 402 shares in the last quarter. Private Trust Co. NA purchased a new position in Bank of Nova Scotia in the 3rd quarter valued at approximately $28,000. Ronald Blue Trust Inc. purchased a new position in Bank of Nova Scotia in the 3rd quarter valued at approximately $40,000. Glassman Wealth Services increased its position in Bank of Nova Scotia by 85.4% during the fourth quarter. Glassman Wealth Services now owns 864 shares of the bank’s stock worth $42,000 after buying an additional 398 shares in the last quarter. Finally, Kistler Tiffany Companies LLC increased its position in Bank of Nova Scotia by 61.8% during the fourth quarter. Kistler Tiffany Companies LLC now owns 1,210 shares of the bank’s stock worth $59,000 after buying an additional 462 shares in the last quarter. 45.19% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Company Profile

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The Bank of Nova Scotia engages in the provision of financial products and services including personal, commercial, corporate, and investment banking. It operates through the following segments: Canadian Banking, International Banking, Global Wealth Management, Global Banking and Markets, and Other. The Other segment includes group treasury and smaller operating segments.