Royal Bank of Canada Has Lowered Expectations for Bank of Nova Scotia (NYSE:BNS) Stock Price

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) had its target price lowered by investment analysts at Royal Bank of Canada from $83.00 to $81.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s price objective points to a potential upside of 61.06% from the company’s current price.

A number of other equities analysts have also issued reports on the stock. UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Cibc World Mkts lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. CIBC restated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Finally, Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $75.50.

Bank of Nova Scotia Stock Performance

Shares of BNS traded up $0.43 during trading hours on Wednesday, reaching $50.29. 343,469 shares of the company traded hands, compared to its average volume of 1,847,525. Bank of Nova Scotia has a 12-month low of $43.67 and a 12-month high of $57.07. The stock has a market capitalization of $62.64 billion, a P/E ratio of 11.63, a P/E/G ratio of 1.16 and a beta of 1.07. 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 business has a fifty day moving average price of $51.85 and a 200-day moving average price of $52.38.

Hedge Funds Weigh In On Bank of Nova Scotia

Several large investors have recently modified their holdings of BNS. Norges Bank acquired a new stake in Bank of Nova Scotia in the fourth quarter valued at about $690,746,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Bank of Nova Scotia by 260.1% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock worth $298,575,000 after purchasing an additional 3,958,580 shares during the period. Pathway Financial Advisers LLC boosted its position in shares of Bank of Nova Scotia by 5,380.9% in the third quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock worth $216,447,000 after buying an additional 3,899,760 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew 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 valued at $640,624,000 after purchasing an additional 2,346,995 shares in the last quarter. Finally, Toronto Dominion Bank raised its stake in Bank of Nova Scotia by 9.6% during the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after buying an additional 2,195,604 shares in the last quarter. Institutional investors and hedge funds 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.