Bank of Nova Scotia (NYSE:BNS) Rating Increased to Buy at Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a hold rating to a buy rating in a research note issued to investors on Tuesday.

Several other research firms have also commented on BNS. UBS Group raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday. Cibc World Mkts upgraded shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday. Finally, TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $69.00.

Bank of Nova Scotia Trading Down 0.0 %

BNS opened at $56.29 on Tuesday. 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 capitalization of $70.05 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 1.67 and a beta of 1.05. The business has a fifty day moving average price of $53.33 and a 200 day moving average price of $49.34. Bank of Nova Scotia has a 12 month low of $41.80 and a 12 month high of $56.71.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.01. The business had revenue of $8.36 billion during the quarter, compared to analysts’ expectations of $8.53 billion. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.30 EPS. Sell-side analysts expect that Bank of Nova Scotia will post 4.75 earnings per share for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd were paid a $0.768 dividend. This represents a $3.07 annualized dividend and a yield of 5.46%. The ex-dividend date of this dividend was Wednesday, October 2nd. Bank of Nova Scotia’s payout ratio is currently 74.88%.

Institutional Trading of Bank of Nova Scotia

A number of institutional investors have recently bought and sold shares of the company. Mather Group LLC. increased its position in shares of Bank of Nova Scotia by 1,388.9% in the second quarter. Mather Group LLC. now owns 536 shares of the bank’s stock valued at $25,000 after buying an additional 500 shares in the last quarter. Blue Trust Inc. increased its holdings in Bank of Nova Scotia by 3,127.8% during the 2nd quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock valued at $27,000 after acquiring an additional 563 shares in the last quarter. BNP Paribas Financial Markets raised its position 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 last quarter. City State Bank acquired a new stake in shares of Bank of Nova Scotia in the third quarter valued at approximately $57,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Bank of Nova Scotia by 102.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,605 shares of the bank’s stock worth $83,000 after purchasing an additional 811 shares in the last quarter. 49.13% of the stock is currently 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.