The Bank of Nova Scotia (NYSE:BNS) Receives Average Rating of “Hold” from Analysts

Shares of The Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) have received an average rating of “Hold” from the fifteen ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $87.75.

Several research analysts have commented on the stock. Barclays lowered shares of Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating in a research note on Tuesday. StockNews.com assumed coverage on shares of Bank of Nova Scotia in a research report on Thursday, March 16th. They issued a “sell” rating on the stock. Royal Bank of Canada dropped 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 report on Wednesday, March 1st. Scotiabank downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Tuesday, February 28th. Finally, Canaccord Genuity Group cut Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Wednesday, March 1st.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of hedge funds and other institutional investors have recently modified their holdings of the business. First Trust Advisors LP grew its stake in Bank of Nova Scotia by 21.5% in the third quarter. First Trust Advisors LP now owns 1,272,598 shares of the bank’s stock valued at $60,535,000 after purchasing an additional 225,143 shares during the last quarter. Proquility Private Wealth Partners LLC lifted its position in Bank of Nova Scotia by 15.1% during the third quarter. Proquility Private Wealth Partners LLC now owns 12,994 shares of the bank’s stock valued at $618,000 after acquiring an additional 1,709 shares during the last quarter. Pinnacle Associates Ltd. acquired a new stake in Bank of Nova Scotia in the third quarter valued at approximately $759,000. Geneos Wealth Management Inc. grew its holdings in Bank of Nova Scotia by 18.3% in the fourth quarter. Geneos Wealth Management Inc. now owns 8,561 shares of the bank’s stock worth $419,000 after purchasing an additional 1,326 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in Bank of Nova Scotia during the 3rd quarter worth $309,000. 45.19% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Stock Down 0.5 %

Shares of NYSE:BNS opened at $49.08 on Friday. The company has a 50-day moving average price of $49.53 and a 200 day moving average price of $50.57. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.52. Bank of Nova Scotia has a 12 month low of $45.26 and a 12 month high of $68.59. The company has a market cap of $58.49 billion, a price-to-earnings ratio of 8.83, a PEG ratio of 2.04 and a beta of 1.02.

Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) last announced its earnings results on Tuesday, February 28th. The bank reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.15). The company had revenue of $5.93 billion during the quarter, compared to analysts’ expectations of $6.10 billion. Bank of Nova Scotia had a return on equity of 15.08% and a net margin of 17.03%. As a group, equities research analysts predict that Bank of Nova Scotia will post 5.63 earnings per share for the current year.

Bank of Nova Scotia Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 26th. Investors of record on Tuesday, April 4th were paid a $0.774 dividend. The ex-dividend date of this dividend was Monday, April 3rd. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.76. This represents a $3.10 dividend on an annualized basis and a yield of 6.31%. Bank of Nova Scotia’s dividend payout ratio is 54.68%.

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.