The Bank of Nova Scotia (NYSE:BNS) Given Consensus Rating of “Reduce” by Brokerages

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have earned a consensus rating of “Reduce” from the five brokerages that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $68.00.

Several equities research analysts have recently issued reports on the stock. UBS Group started coverage on shares of Bank of Nova Scotia in a report on Tuesday. They issued a “neutral” rating for the company. StockNews.com downgraded shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Finally, Barclays assumed coverage on Bank of Nova Scotia in a research report on Wednesday, March 20th. They set an “underweight” rating and a $70.00 target price for the company.

Institutional Investors Weigh In On Bank of Nova Scotia

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bruce G. Allen Investments LLC increased its position in shares of Bank of Nova Scotia by 70.6% during the first quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock worth $30,000 after acquiring an additional 242 shares during the period. Fifth Third Bancorp grew its stake in Bank of Nova Scotia by 71.6% in the fourth quarter. Fifth Third Bancorp now owns 858 shares of the bank’s stock worth $42,000 after purchasing an additional 358 shares in the last quarter. Global Retirement Partners LLC increased its holdings in Bank of Nova Scotia by 144.6% during the 1st quarter. Global Retirement Partners LLC now owns 959 shares of the bank’s stock worth $50,000 after purchasing an additional 567 shares during the period. Headlands Technologies LLC bought a new stake in Bank of Nova Scotia during the 1st quarter valued at $53,000. Finally, Galibier Capital Management Ltd. purchased a new stake in shares of Bank of Nova Scotia in the 1st quarter worth $76,000. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Trading Down 0.6 %

Shares of BNS stock opened at $45.46 on Tuesday. The company has a market cap of $55.90 billion, a PE ratio of 10.24, a price-to-earnings-growth ratio of 1.69 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.03 and a quick ratio of 1.03. The stock’s 50 day simple moving average is $46.96 and its two-hundred day simple moving average is $47.67. Bank of Nova Scotia has a 1 year low of $39.79 and a 1 year high of $51.98.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, May 28th. The bank reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.02. The company had revenue of $6.15 billion for the quarter, compared to analyst estimates of $6.10 billion. Bank of Nova Scotia had a return on equity of 11.40% and a net margin of 10.40%. Research analysts predict that Bank of Nova Scotia will post 4.82 earnings per share for the current year.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Wednesday, July 3rd will be paid a $0.769 dividend. This represents a $3.08 annualized dividend and a yield of 6.77%. The ex-dividend date is Wednesday, July 3rd. Bank of Nova Scotia’s dividend payout ratio is presently 70.72%.

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.