Brokerages Set The Bank of Nova Scotia (NYSE:BNS) Target Price at $72.00

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have been given a consensus rating of “Moderate Buy” by the nine ratings firms that are presently covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $75.50.

BNS has been the subject of several recent research reports. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. Royal Bank of Canada decreased their target price on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a research note on Wednesday. Finally, Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th.

Institutional Trading of Bank of Nova Scotia

Institutional investors and hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company lifted its position in shares of Bank of Nova Scotia by 17.5% in the third quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock valued at $241,981,000 after acquiring an additional 660,097 shares in the last quarter. Intact Investment Management Inc. lifted its position in shares of Bank of Nova Scotia by 48.3% in the third quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock valued at $85,201,000 after acquiring an additional 509,120 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Bank of Nova Scotia by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,744,062 shares of the bank’s stock worth $204,214,000 after buying an additional 150,247 shares during the period. Citigroup Inc. lifted its position in Bank of Nova Scotia by 12.3% during the third quarter. Citigroup Inc. now owns 580,664 shares of the bank’s stock worth $31,673,000 after buying an additional 63,528 shares during the period. Finally, Pathway Financial Advisers LLC lifted its position in 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 worth $216,447,000 after buying an additional 3,899,760 shares during the period. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Performance

Shares of BNS opened at $49.68 on Friday. The stock has a 50-day simple moving average of $51.72 and a 200-day simple moving average of $52.35. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $61.87 billion, a PE ratio of 11.50, a PEG ratio of 1.16 and a beta of 1.07. Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be given a $0.7415 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.97 annualized dividend and a dividend yield of 5.97%. Bank of Nova Scotia’s dividend payout ratio is currently 68.06%.

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.