The Bank of Nova Scotia (NYSE:BNS) Receives Average Rating of “Reduce” from Analysts

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have received an average recommendation of “Reduce” from the five research firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $68.00.

A number of research firms have recently weighed in on BNS. StockNews.com cut shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. UBS Group assumed coverage on shares of Bank of Nova Scotia in a research report on Tuesday, July 2nd. They set a “neutral” rating on the stock.

Bank of Nova Scotia Price Performance

Shares of NYSE:BNS opened at $48.42 on Wednesday. Bank of Nova Scotia has a 52 week low of $39.79 and a 52 week high of $51.98. The company has a 50-day moving average price of $46.20 and a 200 day moving average price of $47.47. The company has a market cap of $59.54 billion, a P/E ratio of 10.91, a PEG ratio of 1.70 and a beta of 1.04. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.57.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, May 28th. The bank reported $1.16 EPS for the quarter, beating the consensus estimate of $1.14 by $0.02. Bank of Nova Scotia had a return on equity of 11.40% and a net margin of 10.40%. The business had revenue of $6.15 billion during the quarter, compared to analysts’ expectations of $6.10 billion. Research analysts predict that Bank of Nova Scotia will post 4.82 earnings per share for the current year.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 29th. Investors of record on Wednesday, July 3rd were paid a $0.769 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $3.08 dividend on an annualized basis and a yield of 6.35%. Bank of Nova Scotia’s payout ratio is 69.59%.

Institutional Trading of Bank of Nova Scotia

Several large investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC lifted its stake in Bank of Nova Scotia by 1.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,432 shares of the bank’s stock valued at $799,000 after buying an additional 219 shares in the last quarter. Power Corp of Canada boosted its stake in shares of Bank of Nova Scotia by 1.9% during the fourth quarter. Power Corp of Canada now owns 12,037 shares of the bank’s stock valued at $587,000 after acquiring an additional 226 shares during the last quarter. Bruce G. Allen Investments LLC increased its position in 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 worth $30,000 after purchasing an additional 242 shares in the last quarter. Metis Global Partners LLC increased its position in Bank of Nova Scotia by 0.4% during the 4th quarter. Metis Global Partners LLC now owns 59,065 shares of the bank’s stock worth $2,875,000 after purchasing an additional 258 shares in the last quarter. Finally, Pacifica Partners Inc. raised its stake in Bank of Nova Scotia by 1.5% in the 2nd quarter. Pacifica Partners Inc. now owns 19,493 shares of the bank’s stock valued at $889,000 after purchasing an additional 288 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

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.