Bank of Nova Scotia (NYSE:BNS) Receives “Neutral” Rating from CIBC

CIBC reissued their neutral rating on shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in a research report sent to investors on Tuesday, Marketbeat.com reports.

Other equities analysts have also recently issued reports about the company. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Royal Bank of Canada lifted their price target on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 4th. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Bank of Nova Scotia presently has an average rating of “Moderate Buy” and an average price target of $72.00.

Bank of Nova Scotia Stock Down 0.5 %

Shares of BNS stock opened at $50.96 on Tuesday. Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07. The stock has a market cap of $63.46 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 1.15 and a beta of 1.07. The business’s fifty day moving average is $52.42 and its 200-day moving average is $52.17. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were issued a $0.7535 dividend. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.92%. The ex-dividend date of this dividend was Tuesday, January 7th. Bank of Nova Scotia’s payout ratio is 68.29%.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of hedge funds have recently modified their holdings of BNS. Norges Bank acquired a new position in shares of Bank of Nova Scotia in the 4th quarter worth $690,746,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Bank of Nova Scotia by 260.1% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock valued at $298,575,000 after buying an additional 3,958,580 shares in the last quarter. Pathway Financial Advisers LLC grew its holdings in shares of Bank of Nova Scotia by 5,380.9% during the third quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock valued at $216,447,000 after buying an additional 3,899,760 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Bank of Nova Scotia by 24.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock valued at $640,624,000 after buying an additional 2,346,995 shares in the last quarter. Finally, Toronto Dominion Bank grew its holdings in shares of Bank of Nova Scotia by 9.6% during the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after buying an additional 2,195,604 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

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.