The Bank of Nova Scotia (NYSE:BNS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have earned a consensus rating of “Moderate Buy” from the nine ratings firms that are presently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $72.00.

BNS has been the subject of a number of research reports. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Royal Bank of Canada boosted 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 raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of large investors have recently bought and sold shares of BNS. Franklin Resources Inc. increased its stake in Bank of Nova Scotia by 15.4% during the 3rd quarter. Franklin Resources Inc. now owns 1,287,198 shares of the bank’s stock worth $68,689,000 after buying an additional 171,539 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Bank of Nova Scotia during the 3rd quarter worth approximately $111,000. Toronto Dominion Bank increased its stake in Bank of Nova Scotia by 9.6% during the 3rd quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock worth $1,361,752,000 after buying an additional 2,195,604 shares in the last quarter. Geode Capital Management LLC increased its stake in Bank of Nova Scotia by 10.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock worth $310,817,000 after buying an additional 524,496 shares in the last quarter. Finally, Executive Wealth Management LLC purchased a new stake in Bank of Nova Scotia during the 3rd quarter worth approximately $619,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

Shares of BNS opened at $53.71 on Thursday. The stock has a 50-day moving average of $54.51 and a two-hundred day moving average of $51.08. 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 quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $66.87 billion, a P/E ratio of 12.43, a P/E/G ratio of 1.26 and a beta of 1.08.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th will be issued a $0.7535 dividend. The ex-dividend date is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a yield of 5.61%. Bank of Nova Scotia’s payout ratio is 72.45%.

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.