Bank of Nova Scotia (BNS) Price Target Increased to $87.00 by Analysts at Royal Bank of Canada

Bank of Nova Scotia (BNS) Price Target Increased to $87.00 by Analysts at Royal Bank of Canada

A number of other analysts have also recently commented on the company. Barclays PLC raised Bank of Nova Scotia from an equal weight rating to an overweight rating in a research report on Tuesday, May 23rd. National Bank Financial reissued an outperform overweight rating on shares of Bank of Nova Scotia in a research report on Thursday, May 18th. Zacks Investment Research cut Bank of Nova Scotia from a hold rating to a sell rating in a research report on Tuesday, May 2nd. CIBC raised Bank of Nova Scotia from a sector perform rating to a sector outperform rating in a research report on Tuesday, March 7th. Finally, TD Securities cut Bank of Nova Scotia to a buy rating in a research report on Wednesday, March 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company’s stock. Bank of Nova Scotia presently has an average rating of Buy and an average price target of $70.70.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) had its price objective upped by Royal Bank of Canada from $86.00 to $87.00 in a report published on Wednesday. They currently have an outperform rating on the bank’s stock.

Bank of Nova Scotia (NYSE BNS) traded up 0.16% during mid-day trading on Wednesday, reaching $56.58. The company had a trading volume of 130,417 shares. The stock has a 50-day moving average of $56.14 and a 200 day moving average of $57.61. The company has a market capitalization of $68.41 billion, a price-to-earnings ratio of 13.05 and a beta of 1.30. Bank of Nova Scotia has a 12-month low of $47.59 and a 12-month high of $62.89.

Bank of Nova Scotia (NYSE:BNS) last issued its quarterly earnings results on Tuesday, May 30th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.08. Bank of Nova Scotia had a return on equity of 14.36% and a net margin of 20.78%. The firm had revenue of $6.58 billion for the quarter, compared to analysts’ expectations of $6.73 billion. During the same period in the previous year, the firm posted $1.46 EPS. The business’s revenue for the quarter was down .2% compared to the same quarter last year. On average, analysts expect that Bank of Nova Scotia will post $4.77 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 27th. Stockholders of record on Tuesday, July 4th will be issued a dividend of $0.5635 per share. The ex-dividend date is Thursday, June 29th. This represents a $2.25 annualized dividend and a dividend yield of 3.99%. Bank of Nova Scotia’s payout ratio is 50.11%.

Institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank boosted its position in Bank of Nova Scotia by 12.8% in the fourth quarter. Comerica Bank now owns 68,289 shares of the bank’s stock valued at $4,037,000 after buying an additional 7,750 shares during the last quarter. Acadian Asset Management LLC boosted its position in Bank of Nova Scotia by 415.1% in the first quarter. Acadian Asset Management LLC now owns 621,244 shares of the bank’s stock valued at $36,243,000 after buying an additional 500,630 shares during the last quarter. Gulf International Bank UK Ltd boosted its position in Bank of Nova Scotia by 2.1% in the first quarter. Gulf International Bank UK Ltd now owns 377,394 shares of the bank’s stock valued at $22,046,000 after buying an additional 7,900 shares during the last quarter. Ferguson Wellman Capital Management Inc. boosted its position in Bank of Nova Scotia by 10.1% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 237,970 shares of the bank’s stock valued at $13,938,000 after buying an additional 21,860 shares during the last quarter. Finally, Korea Investment CORP boosted its position in Bank of Nova Scotia by 20.4% in the first quarter. Korea Investment CORP now owns 714,458 shares of the bank’s stock valued at $41,679,000 after buying an additional 121,150 shares during the last quarter. 50.72% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of Nova Scotia

The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “BNS”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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