Bank of Nova Scotia (NYSE:BNS) Price Target Raised to $74.00

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) had its target price lifted by equities researchers at Royal Bank of Canada from $65.00 to $74.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 33.89% from the stock’s current price.

A number of other research firms have also commented on BNS. 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 raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. Cibc World Mkts upgraded Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Finally, TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $72.00.

Bank of Nova Scotia Price Performance

BNS stock traded up $0.49 during trading on Wednesday, reaching $55.27. The company’s stock had a trading volume of 476,004 shares, compared to its average volume of 1,757,847. The company has a market capitalization of $68.78 billion, a P/E ratio of 13.22, a price-to-earnings-growth ratio of 1.46 and a beta of 1.07. The company’s fifty day moving average is $53.85 and its 200-day moving average is $49.84. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61. Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07.

Institutional Trading of Bank of Nova Scotia

Several institutional investors have recently made changes to their positions in BNS. Cetera Investment Advisers purchased a new position in Bank of Nova Scotia during the 1st quarter worth $2,112,000. Cetera Advisors LLC bought a new stake in Bank of Nova Scotia during the first quarter valued at $435,000. Mather Group LLC. grew its position in shares of Bank of Nova Scotia by 1,388.9% during the second quarter. Mather Group LLC. now owns 536 shares of the bank’s stock worth $25,000 after acquiring an additional 500 shares during the last quarter. Eldred Rock Partners LLC lifted its holdings in Bank of Nova Scotia by 55.8% in the 2nd quarter. Eldred Rock Partners LLC now owns 70,739 shares of the bank’s stock valued at $3,234,000 after acquiring an additional 25,328 shares during the last quarter. Finally, Cardinal Capital Management lifted its stake in Bank of Nova Scotia by 0.9% during the second quarter. Cardinal Capital Management now owns 52,266 shares of the bank’s stock valued at $2,390,000 after buying an additional 478 shares in the last quarter. Hedge funds and other 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.