Bank of Nova Scotia (NYSE:BNS) Rating Lowered to “Neutral” at Bank of America

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a research report issued on Monday, MarketBeat reports.

A number of other research analysts have also commented on BNS. Royal Bank of Canada lowered their price target on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. CIBC restated a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Finally, Cibc World Mkts cut shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $81.00.

Bank of Nova Scotia Price Performance

BNS stock opened at $46.93 on Monday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm’s 50-day moving average price is $49.70 and its two-hundred day moving average price is $52.26. The stock has a market capitalization of $58.45 billion, a price-to-earnings ratio of 10.86, a PEG ratio of 1.16 and a beta of 1.11. Bank of Nova Scotia has a 12-month low of $43.68 and a 12-month high of $57.07.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of institutional investors have recently added to or reduced their stakes in BNS. Magnus Financial Group LLC increased its stake in shares of Bank of Nova Scotia by 4.1% in the 4th quarter. Magnus Financial Group LLC now owns 5,100 shares of the bank’s stock worth $274,000 after acquiring an additional 200 shares in the last quarter. Private Advisor Group LLC increased its stake in shares of Bank of Nova Scotia by 3.5% during the fourth quarter. Private Advisor Group LLC now owns 6,248 shares of the bank’s stock valued at $336,000 after purchasing an additional 211 shares in the last quarter. Moran Wealth Management LLC increased its stake in shares of Bank of Nova Scotia by 6.5% during the fourth quarter. Moran Wealth Management LLC now owns 3,925 shares of the bank’s stock valued at $211,000 after purchasing an additional 240 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Bank of Nova Scotia by 4.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,399 shares of the bank’s stock valued at $290,000 after purchasing an additional 248 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its position in shares of Bank of Nova Scotia by 10.2% in the 4th quarter. Lindbrook Capital LLC now owns 2,860 shares of the bank’s stock worth $154,000 after purchasing an additional 264 shares in the last quarter. Institutional investors 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.