Bank of Nova Scotia (NYSE:BNS) Coverage Initiated at UBS Group

Stock analysts at UBS Group assumed coverage on shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in a report released on Tuesday, Briefing.com reports. The firm set a “neutral” rating on the bank’s stock.

BNS has been the subject of several other reports. StockNews.com downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Barclays began coverage on shares of Bank of Nova Scotia in a report on Wednesday, March 20th. They set an “underweight” rating and a $70.00 price target on the stock. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $68.00.

Bank of Nova Scotia Stock Performance

BNS opened at $45.46 on Tuesday. Bank of Nova Scotia has a 1-year low of $39.79 and a 1-year high of $51.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.03 and a quick ratio of 1.03. The business has a 50 day moving average price of $46.96 and a two-hundred day moving average price of $47.67. The company has a market capitalization of $55.90 billion, a price-to-earnings ratio of 10.24, a price-to-earnings-growth ratio of 1.69 and a beta of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, May 28th. The bank reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.02. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. The company had revenue of $6.15 billion for the quarter, compared to analysts’ expectations of $6.10 billion. Research analysts predict that Bank of Nova Scotia will post 4.82 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Bruce G. Allen Investments LLC lifted its stake in shares of Bank of Nova Scotia by 70.6% in the first quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock worth $30,000 after buying an additional 242 shares during the last quarter. Fifth Third Bancorp increased its position in Bank of Nova Scotia by 71.6% in the 4th quarter. Fifth Third Bancorp now owns 858 shares of the bank’s stock worth $42,000 after buying an additional 358 shares during the period. Global Retirement Partners LLC boosted its position in shares of Bank of Nova Scotia by 144.6% in the first quarter. Global Retirement Partners LLC now owns 959 shares of the bank’s stock valued at $50,000 after acquiring an additional 567 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Bank of Nova Scotia in the first quarter worth $53,000. Finally, Galibier Capital Management Ltd. bought a new stake in Bank of Nova Scotia in the 1st quarter valued at $76,000. 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.