The Bank of Nova Scotia (NYSE:BNS) Receives $72.00 Average Target Price from Analysts

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

Several research firms have recently weighed in on BNS. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets grew its holdings in Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after acquiring an additional 810 shares during the period. City State Bank acquired a new position in shares of Bank of Nova Scotia during the 3rd quarter worth $57,000. Fortitude Family Office LLC purchased a new position in shares of Bank of Nova Scotia in the 4th quarter valued at about $73,000. Blue Trust Inc. lifted its stake in shares of Bank of Nova Scotia by 171.6% in the third quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock valued at $86,000 after purchasing an additional 997 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Bank of Nova Scotia during the third quarter worth about $111,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Price Performance

Shares of NYSE:BNS opened at $51.96 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month high of $57.07. The company’s 50 day moving average is $53.88 and its 200 day moving average is $51.73. The company has a market cap of $64.71 billion, a PE ratio of 12.03, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were paid a dividend of $0.7535 per share. This represents a $3.01 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date was Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio is currently 68.29%.

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.