Bank of Nova Scotia (NYSE:BNS) Lowered to Neutral Rating by Bank of America

Bank of America lowered shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a buy rating to a neutral rating in a research report released on Monday morning, Marketbeat.com reports.

Other equities research analysts have also issued reports about the stock. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Cibc World Mkts cut shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada lowered their target price on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of “Hold” and an average target price of $81.00.

Bank of Nova Scotia Stock Performance

NYSE:BNS opened at $47.44 on Monday. The stock has a 50-day simple moving average of $49.80 and a two-hundred day simple moving average of $52.30. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. Bank of Nova Scotia has a 52-week low of $43.68 and a 52-week high of $57.07. The firm has a market capitalization of $59.08 billion, a PE ratio of 10.98, a P/E/G ratio of 1.16 and a beta of 1.11.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be issued a $0.7415 dividend. This represents a $2.97 annualized dividend and a dividend yield of 6.25%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 82.77%.

Hedge Funds Weigh In On Bank of Nova Scotia

Institutional investors have recently bought and sold shares of the stock. Murphy & Mullick Capital Management Corp purchased a new stake in Bank of Nova Scotia during the fourth quarter valued at $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Bank of Nova Scotia during the fourth quarter valued at approximately $31,000. Allworth Financial LP increased its position in shares of Bank of Nova Scotia by 121.1% during the 4th quarter. Allworth Financial LP now owns 639 shares of the bank’s stock valued at $33,000 after purchasing an additional 350 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Bank of Nova Scotia by 1,588.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after purchasing an additional 810 shares during the last quarter. Finally, Fortitude Family Office LLC purchased a new stake in Bank of Nova Scotia during the 4th quarter valued at $73,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

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.