Bank of Nova Scotia (TSE:BNS) Raised to “Outperform” at CIBC

CIBC upgraded shares of Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) from a neutral rating to an outperform rating in a research note issued to investors on Friday, BayStreet.CA reports. The brokerage currently has C$82.00 price target on the bank’s stock, up from their previous price target of C$78.00.

Several other analysts have also recently commented on BNS. Canaccord Genuity Group boosted their price target on shares of Bank of Nova Scotia from C$70.00 to C$71.00 and gave the stock a hold rating in a research note on Wednesday, May 29th. Cormark decreased their price target on shares of Bank of Nova Scotia from C$68.00 to C$65.00 and set a market perform rating on the stock in a research note on Tuesday, August 20th. TD Securities boosted their price target on shares of Bank of Nova Scotia from C$69.00 to C$71.00 and gave the stock a hold rating in a research note on Wednesday, August 28th. BMO Capital Markets decreased their target price on shares of Bank of Nova Scotia from C$74.00 to C$72.00 and set a market perform rating on the stock in a research report on Wednesday, August 28th. Finally, Jefferies Financial Group upped their target price on shares of Bank of Nova Scotia from C$65.00 to C$69.00 and gave the company a hold rating in a research report on Wednesday, August 28th. Eleven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of C$68.25.

Bank of Nova Scotia Stock Performance

Shares of Bank of Nova Scotia stock opened at C$73.35 on Friday. The company has a market capitalization of C$90.95 billion, a P/E ratio of 12.85, a P/E/G ratio of 1.33 and a beta of 0.96. The company has a fifty day moving average of C$65.88 and a 200 day moving average of C$65.45. Bank of Nova Scotia has a fifty-two week low of C$55.20 and a fifty-two week high of C$73.53.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last announced its quarterly earnings results on Tuesday, August 27th. The bank reported C$1.63 EPS for the quarter, hitting the consensus estimate of C$1.63. The business had revenue of C$8.36 billion for the quarter, compared to analysts’ expectations of C$8.50 billion. Bank of Nova Scotia had a net margin of 25.38% and a return on equity of 9.49%. Analysts forecast that Bank of Nova Scotia will post 7.0938104 EPS for the current year.

Bank of Nova Scotia Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd will be given a $1.06 dividend. This represents a $4.24 dividend on an annualized basis and a yield of 5.78%. The ex-dividend date of this dividend is Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 74.26%.

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.