Bank of Nova Scotia (NYSE:BNS) Rating Increased to Strong-Buy at Cibc World Mkts

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was upgraded by investment analysts at Cibc World Mkts from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports.

BNS has been the topic of several other research reports. UBS Group assumed coverage on shares of Bank of Nova Scotia in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. StockNews.com cut shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Wednesday, May 29th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Bank of Nova Scotia has a consensus rating of “Hold” and a consensus price target of $69.00.

Bank of Nova Scotia Trading Down 0.2 %

Shares of BNS stock opened at $53.96 on Friday. The firm has a market capitalization of $66.34 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 1.64 and a beta of 1.04. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The firm’s fifty day simple moving average is $48.44 and its 200 day simple moving average is $47.97. Bank of Nova Scotia has a 1 year low of $39.79 and a 1 year high of $54.41.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.01. The firm had revenue of $8.36 billion for the quarter, compared to analyst estimates of $8.53 billion. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.30 EPS. As a group, sell-side analysts predict that Bank of Nova Scotia will post 4.8 EPS for the current year.

Institutional Trading of Bank of Nova Scotia

Hedge funds have recently modified their holdings of the company. Mather Group LLC. increased its holdings in shares of Bank of Nova Scotia by 1,388.9% during the second quarter. Mather Group LLC. now owns 536 shares of the bank’s stock worth $25,000 after buying an additional 500 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Bank of Nova Scotia by 3,127.8% during the second quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock worth $27,000 after buying an additional 563 shares in the last quarter. Bruce G. Allen Investments LLC grew its stake 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 valued at $30,000 after purchasing an additional 242 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Bank of Nova Scotia during the first quarter valued at approximately $53,000. Finally, Galibier Capital Management Ltd. bought a new stake in shares of Bank of Nova Scotia during the first quarter valued at approximately $76,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

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.