The Bank of Nova Scotia (NYSE:BNS) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have been given an average recommendation of “Moderate Buy” by the nine analysts that are presently covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $72.00.

A number of equities research analysts have commented on the stock. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada upped their target price on shares of Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 4th.

Bank of Nova Scotia Trading Up 0.3 %

Shares of Bank of Nova Scotia stock opened at $51.88 on Monday. The stock has a market capitalization of $64.61 billion, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. Bank of Nova Scotia has a 12-month low of $43.67 and a 12-month high of $57.07. 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 50-day simple moving average of $54.03 and a 200 day simple moving average of $51.62.

Bank of Nova Scotia Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 29th. Stockholders of record on Tuesday, January 7th will be given a dividend of $0.7535 per share. The ex-dividend date is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.81%. Bank of Nova Scotia’s dividend payout ratio is 68.29%.

Institutional Trading of Bank of Nova Scotia

A number of large investors have recently made changes to their positions in BNS. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Bank of Nova Scotia by 260.1% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock valued at $298,575,000 after acquiring an additional 3,958,580 shares during the period. Pathway Financial Advisers LLC grew its position in shares of Bank of Nova Scotia by 5,380.9% in the 3rd 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 during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Bank of Nova Scotia by 24.9% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock worth $640,624,000 after purchasing an additional 2,346,995 shares in the last quarter. Toronto Dominion Bank raised its holdings 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 during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in Bank of Nova Scotia by 17.5% in the third quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock valued at $241,981,000 after buying an additional 660,097 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

About Bank of Nova Scotia

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.