The Bank of Nova Scotia (NYSE:BNS) Receives $69.00 Average Price Target from Analysts

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) has received a consensus rating of “Hold” from the five brokerages that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $69.00.

A number of brokerages have issued reports on BNS. UBS Group began coverage on shares of Bank of Nova Scotia in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday, September 20th.

Bank of Nova Scotia Stock Performance

Shares of BNS stock opened at $54.79 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02. Bank of Nova Scotia has a one year low of $39.79 and a one year high of $55.12. The company’s 50-day simple moving average is $48.69 and its 200-day simple moving average is $48.04. The stock has a market capitalization of $67.79 billion, a price-to-earnings ratio of 12.34, a PEG ratio of 1.71 and a beta of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $8.36 billion for the quarter, compared to analysts’ expectations of $8.53 billion. During the same quarter last year, the company posted $1.30 earnings per share. Bank of Nova Scotia’s revenue was up 3.7% on a year-over-year basis. Equities analysts anticipate that Bank of Nova Scotia will post 4.8 earnings per share for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd will be issued a dividend of $0.768 per share. The ex-dividend date of this dividend is Wednesday, October 2nd. This represents a $3.07 annualized dividend and a yield of 5.61%. Bank of Nova Scotia’s payout ratio is 69.82%.

Institutional Investors Weigh In On Bank of Nova Scotia

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. TD Asset Management Inc increased its holdings in shares of Bank of Nova Scotia by 23.2% in the fourth quarter. TD Asset Management Inc now owns 19,841,901 shares of the bank’s stock valued at $970,577,000 after buying an additional 3,731,541 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in shares of Bank of Nova Scotia in the second quarter valued at $120,463,000. 1832 Asset Management L.P. increased its holdings in shares of Bank of Nova Scotia by 16.1% in the first quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock valued at $881,082,000 after buying an additional 2,361,136 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Bank of Nova Scotia by 17.6% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,563,337 shares of the bank’s stock valued at $753,658,000 after buying an additional 2,178,633 shares in the last quarter. Finally, Nicola Wealth Management LTD. bought a new position in shares of Bank of Nova Scotia in the first quarter valued at $77,670,000. 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.