The Bank of Nova Scotia (NYSE:BNS) Given Average Rating of “Hold” by Analysts

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) has been given a consensus rating of “Hold” by the five ratings firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $69.00.

Several research firms recently commented on BNS. UBS Group started coverage on shares of Bank of Nova Scotia in a research note on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday. Finally, StockNews.com downgraded shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BNS. TD Asset Management Inc boosted its stake in shares of Bank of Nova Scotia by 23.2% in the 4th quarter. TD Asset Management Inc now owns 19,841,901 shares of the bank’s stock valued at $970,577,000 after purchasing an additional 3,731,541 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Bank of Nova Scotia in the 2nd quarter valued at approximately $120,463,000. 1832 Asset Management L.P. boosted its position in Bank of Nova Scotia by 16.1% in the first quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock valued at $881,082,000 after buying an additional 2,361,136 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Bank of Nova Scotia by 17.6% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,563,337 shares of the bank’s stock worth $753,658,000 after buying an additional 2,178,633 shares during the last quarter. Finally, Nicola Wealth Management LTD. acquired a new position in shares of Bank of Nova Scotia during the first quarter worth $77,670,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

Shares of BNS stock opened at $53.96 on Tuesday. Bank of Nova Scotia has a one year low of $39.79 and a one year high of $54.41. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a market cap of $66.34 billion, a P/E ratio of 12.15, a P/E/G ratio of 1.64 and a beta of 1.04. The company has a fifty day moving average price of $48.44 and a two-hundred day moving average price of $47.97.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.01. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The company had revenue of $8.36 billion during the quarter, compared to analysts’ expectations of $8.53 billion. During the same quarter last year, the company posted $1.30 EPS. Bank of Nova Scotia’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, equities analysts predict that Bank of Nova Scotia will post 4.8 EPS for the current year.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd will be paid a $0.768 dividend. This represents a $3.07 annualized dividend and a yield of 5.69%. The ex-dividend date is Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 70.72%.

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.