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

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have earned an average rating of “Moderate Buy” from the nine brokerages that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $72.00.

BNS has been the topic of several research reports. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Barclays upgraded shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. Royal Bank of Canada increased their price objective on shares of Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 4th. Finally, Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th.

Bank of Nova Scotia Stock Performance

Shares of Bank of Nova Scotia stock opened at $51.24 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $63.81 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The stock’s 50-day moving average is $53.60 and its 200-day moving average is $51.79. Bank of Nova Scotia has a one year low of $43.67 and a one year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 29th. Stockholders of record on Tuesday, January 7th were issued a $0.7535 dividend. The ex-dividend date of this dividend was Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.88%. Bank of Nova Scotia’s payout ratio is 68.29%.

Institutional Trading of Bank of Nova Scotia

Hedge funds have recently made changes to their positions in the business. Lorne Steinberg Wealth Management Inc. lifted its holdings in Bank of Nova Scotia by 0.9% during the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 157,428 shares of the bank’s stock valued at $8,446,000 after purchasing an additional 1,398 shares during the last quarter. Callahan Advisors LLC raised its position in shares of Bank of Nova Scotia by 36.6% in the fourth quarter. Callahan Advisors LLC now owns 6,420 shares of the bank’s stock valued at $345,000 after purchasing an additional 1,720 shares during the period. Cardinal Capital Management lifted its stake in shares of Bank of Nova Scotia by 5.6% during the 4th quarter. Cardinal Capital Management now owns 56,282 shares of the bank’s stock worth $3,023,000 after buying an additional 3,009 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Bank of Nova Scotia by 1.8% during the 4th quarter. CIBC Asset Management Inc now owns 10,259,279 shares of the bank’s stock worth $551,766,000 after buying an additional 184,761 shares during the period. Finally, Americana Partners LLC acquired a new position in Bank of Nova Scotia in the 4th quarter valued at about $5,028,000. 49.13% of the stock is owned by institutional investors and hedge funds.

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.