Bank of Nova Scotia (TSE:BNS) Downgraded to “Neutral” Rating by CIBC

CIBC cut shares of Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) from an outperform rating to a neutral rating in a research note issued to investors on Tuesday morning,BayStreet.CA reports. They currently have C$81.00 target price on the bank’s stock, down from their previous target price of C$84.00.

BNS has been the subject of several other research reports. UBS Group raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 18th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating and upped their price objective for the company from C$71.00 to C$84.00 in a research note on Tuesday, November 19th. Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating and upped their price objective for the company from C$73.00 to C$90.00 in a research note on Tuesday, November 19th. Barclays raised Bank of Nova Scotia from a “strong sell” rating to a “hold” rating in a research note on Thursday, November 21st. Finally, Accountability Research set a C$82.00 price objective on Bank of Nova Scotia and gave the company a “buy” rating in a research note on Thursday, January 9th. Eight research analysts have rated the stock with a hold rating, four have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of C$78.33.

Bank of Nova Scotia Trading Down 0.2 %

Shares of TSE BNS opened at C$72.42 on Tuesday. The company has a market cap of C$88.75 billion, a price-to-earnings ratio of 11.44, a PEG ratio of 1.33 and a beta of 0.97. Bank of Nova Scotia has a 12 month low of C$60.68 and a 12 month high of C$80.14. The stock has a 50-day moving average price of C$75.24 and a two-hundred day moving average price of C$72.59.

Bank of Nova Scotia Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th were issued a dividend of $1.06 per share. This represents a $4.24 dividend on an annualized basis and a dividend yield of 5.85%. The ex-dividend date was Tuesday, January 7th. Bank of Nova Scotia’s payout ratio is 67.00%.

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.