Bank of Nova Scotia (NYSE:BNS) Upgraded by Cibc World Mkts to “Strong-Buy”

Cibc World Mkts upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a hold rating to a strong-buy rating in a research note released on Friday, Zacks.com reports.

Other equities analysts have also issued reports about the company. StockNews.com lowered Bank of Nova Scotia from a hold rating to a sell rating in a report on Wednesday, May 29th. UBS Group assumed coverage on Bank of Nova Scotia in a research note on Tuesday, July 2nd. They set a neutral rating for the company. Two research 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.com, the company has a consensus rating of Hold and an average price target of $69.00.

Bank of Nova Scotia Trading Down 0.2 %

Shares of Bank of Nova Scotia stock opened at $53.96 on Friday. The stock has a fifty day moving average price of $48.44 and a 200-day moving average price of $47.97. 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 firm has a market cap of $66.34 billion, a PE ratio of 12.15, a P/E/G ratio of 1.64 and a beta of 1.04. 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 data on Tuesday, August 27th. The bank reported $1.63 EPS for the quarter, topping the consensus estimate of $1.62 by $0.01. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The business had revenue of $8.36 billion for the quarter, compared to analyst estimates of $8.53 billion. During the same quarter in the previous year, the firm posted $1.30 earnings per share. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities research analysts anticipate that Bank of Nova Scotia will post 4.8 EPS for the current year.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 29th. Stockholders of record on Wednesday, October 2nd will be given a dividend of $0.768 per share. This represents a $3.07 annualized dividend and a dividend yield of 5.69%. The ex-dividend date of this dividend is Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio is presently 70.72%.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of large investors have recently modified their holdings of the company. Mather Group LLC. increased its holdings in Bank of Nova Scotia by 1,388.9% during the 2nd quarter. Mather Group LLC. now owns 536 shares of the bank’s stock worth $25,000 after acquiring an additional 500 shares during the period. Blue Trust Inc. grew its position in shares of 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 purchasing an additional 563 shares in the last quarter. Bruce G. Allen Investments LLC grew its position in shares of Bank of Nova Scotia by 70.6% during the 1st 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 in the last quarter. Headlands Technologies LLC bought a new position in shares of Bank of Nova Scotia in the first quarter worth $53,000. Finally, Galibier Capital Management Ltd. purchased a new stake in shares of Bank of Nova Scotia in the first quarter worth $76,000. 49.13% of the stock is currently owned by 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.