Bank of America Upgrades Bank of Nova Scotia (TSE:BNS) to Buy

Bank of America upgraded shares of Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) from a neutral rating to a buy rating in a research note published on Tuesday morning,BayStreet.CA reports. They currently have C$90.00 target price on the bank’s stock, up from their prior target price of C$73.00.

BNS has been the topic of a number of other research reports. TD Securities lifted their price objective on Bank of Nova Scotia from C$80.00 to C$82.00 in a research note on Friday, November 15th. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. BMO Capital Markets lifted their target price on Bank of Nova Scotia from C$72.00 to C$84.00 in a report on Monday, November 18th. Cormark dropped their target price on Bank of Nova Scotia from C$68.00 to C$65.00 and set a “market perform” rating for the company in a report on Tuesday, August 20th. Finally, Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating and lifted their target price for the stock from C$71.00 to C$84.00 in a report on Tuesday. Eight equities 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 stock. According to data from MarketBeat, Bank of Nova Scotia has an average rating of “Moderate Buy” and an average price target of C$74.75.

Bank of Nova Scotia Trading Up 0.5 %

Shares of BNS opened at C$78.91 on Tuesday. The business’s 50 day moving average is C$73.46 and its 200 day moving average is C$67.61. The company has a market capitalization of C$97.85 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 1.33 and a beta of 0.97. Bank of Nova Scotia has a 12-month low of C$56.83 and a 12-month high of C$79.16.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last released its quarterly earnings data on Tuesday, August 27th. The bank reported C$1.63 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of C$1.63. Bank of Nova Scotia had a return on equity of 9.49% and a net margin of 25.38%. The business had revenue of C$8.36 billion for the quarter, compared to the consensus estimate of C$8.50 billion. Equities research analysts predict that Bank of Nova Scotia will post 7.1286267 earnings per share for the current year.

Bank of Nova Scotia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd were issued a dividend of $1.06 per share. This represents a $4.24 dividend on an annualized basis and a yield of 5.37%. The ex-dividend date of this dividend was Wednesday, October 2nd. Bank of Nova Scotia’s payout ratio is currently 74.26%.

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.