Bank of Nova Scotia’s (BNS) “Neutral” Rating Reiterated at 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 morning, Marketbeat.com reports.

BNS has been the subject of several other reports. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Royal Bank of Canada increased their price objective 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. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. Finally, Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $72.00.

Bank of Nova Scotia Price Performance

BNS opened at $51.10 on Tuesday. The stock has a fifty day moving average of $52.13 and a 200-day moving average of $52.19. The firm has a market capitalization of $63.64 billion, a P/E ratio of 11.83, a PEG ratio of 1.16 and a beta of 1.07. Bank of Nova Scotia has a 12-month low of $43.67 and a 12-month high of $57.07. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th were issued a dividend of $0.7535 per share. The ex-dividend date was Tuesday, January 7th. This represents a $3.01 annualized dividend and a yield of 5.90%. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 68.29%.

Hedge Funds Weigh In On Bank of Nova Scotia

Several institutional investors have recently bought and sold shares of BNS. Murphy & Mullick Capital Management Corp bought a new position in Bank of Nova Scotia during the fourth quarter valued at about $25,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Bank of Nova Scotia in the fourth quarter valued at about $31,000. Allworth Financial LP grew its position in shares of Bank of Nova Scotia by 121.1% in the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock valued at $33,000 after purchasing an additional 350 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Bank of Nova Scotia by 1,588.2% in the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after purchasing an additional 810 shares during the last quarter. Finally, Fortitude Family Office LLC acquired a new stake in shares of Bank of Nova Scotia in the fourth quarter valued at about $73,000. 49.13% of the stock is currently owned by institutional investors.

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.