The Bank of Nova Scotia (NYSE:BNS) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have received an average recommendation of “Moderate Buy” from the nine ratings firms that are currently covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $72.00.

Several research analysts recently issued reports on BNS shares. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. Finally, Royal Bank of Canada boosted their target price on Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a report on Wednesday, December 4th.

Institutional Trading of Bank of Nova Scotia

Several institutional investors have recently added to or reduced their stakes in BNS. Raymond James & Associates increased its holdings in Bank of Nova Scotia by 7.5% in the 2nd quarter. Raymond James & Associates now owns 30,964 shares of the bank’s stock worth $1,416,000 after buying an additional 2,164 shares in the last quarter. Natixis Advisors LLC grew its stake in shares of Bank of Nova Scotia by 7.1% in the second quarter. Natixis Advisors LLC now owns 45,698 shares of the bank’s stock worth $2,089,000 after acquiring an additional 3,011 shares during the period. Ballentine Partners LLC lifted its position in Bank of Nova Scotia by 7.0% during the second quarter. Ballentine Partners LLC now owns 13,770 shares of the bank’s stock valued at $630,000 after purchasing an additional 902 shares during the period. Triasima Portfolio Management inc. lifted its position in Bank of Nova Scotia by 58.3% during the second quarter. Triasima Portfolio Management inc. now owns 127,589 shares of the bank’s stock valued at $5,834,000 after purchasing an additional 46,997 shares during the period. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in Bank of Nova Scotia in the second quarter worth approximately $104,000. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Price Performance

Shares of BNS stock opened at $51.63 on Thursday. The business’s fifty day moving average is $54.50 and its 200 day moving average is $51.13. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The stock has a market cap of $64.28 billion, a price-to-earnings ratio of 11.95, a PEG ratio of 1.26 and a beta of 1.08. Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month high of $57.07.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th will be issued a $0.7535 dividend. The ex-dividend date is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a yield of 5.84%. Bank of Nova Scotia’s payout ratio is currently 72.45%.

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.