Zacks Investment Research Upgrades Bank of Nova Scotia (BNS) to “Hold”

Zacks Investment Research Upgrades Bank of Nova Scotia (BNS) to “Hold”

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Friday.

According to Zacks, “Bank of Nova Scotia is one of North America’s premier financial institutions and Canada’s most international bank. They offer a diverse range of products and services including personal, commercial, corporate and investment banking. Scotiabank has built long-term value and recorded consistent earnings growth by building on its core strengths and by executing exceptionally well in its core businesses. These include Domestic Banking, Wealth Management, International Banking and Scotia Capital. “

Other analysts have also issued research reports about the company. Bank of America Corp. started coverage on Bank of Nova Scotia in a research note on Tuesday, November 1st. They issued a “buy” rating on the stock. TD Securities reissued a “buy” rating and set a $74.00 price target (up previously from $70.00) on shares of Bank of Nova Scotia in a research report on Wednesday, August 31st. BMO Capital Markets reissued a “buy” rating on shares of Bank of Nova Scotia in a research report on Thursday, September 1st. Dundee Securities started coverage on Bank of Nova Scotia in a research report on Wednesday, September 21st. They set a “buy” rating on the stock. Finally, Desjardins reissued a “buy” rating and set a $73.00 price target (up previously from $71.00) on shares of Bank of Nova Scotia in a research report on Thursday, September 1st. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $68.09.

Bank of Nova Scotia (NYSE:BNS) opened at 56.19 on Friday. Bank of Nova Scotia has a 52-week low of $35.01 and a 52-week high of $58.97. The stock has a 50 day moving average price of $55.19 and a 200 day moving average price of $52.69. The stock has a market cap of $67.89 billion, a price-to-earnings ratio of 13.03 and a beta of 1.28.

Bank of Nova Scotia (NYSE:BNS) last released its earnings results on Tuesday, November 29th. The company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.06. Bank of Nova Scotia had a return on equity of 14.36% and a net margin of 20.78%. The business had revenue of $6.75 billion for the quarter. During the same quarter in the previous year, the business earned $1.45 EPS. Analysts expect that Bank of Nova Scotia will post $4.74 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 27th. Shareholders of record on Tuesday, January 3rd will be issued a $0.5485 dividend. This represents a $2.19 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Thursday, December 29th. Bank of Nova Scotia’s dividend payout ratio is presently 51.25%.

Large investors have recently modified their holdings of the company. LPL Financial LLC increased its stake in shares of Bank of Nova Scotia by 9.1% in the third quarter. LPL Financial LLC now owns 5,859 shares of the company’s stock valued at $308,000 after buying an additional 488 shares in the last quarter. Verition Fund Management LLC purchased a new position in shares of Bank of Nova Scotia during the third quarter valued at about $207,000. Candriam Luxembourg S.C.A. boosted its position in shares of Bank of Nova Scotia by 10.0% in the third quarter. Candriam Luxembourg S.C.A. now owns 51,333 shares of the company’s stock valued at $2,715,000 after buying an additional 4,682 shares during the last quarter. Lombard Odier Asset Management Europe Ltd purchased a new position in shares of Bank of Nova Scotia during the third quarter valued at about $1,303,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Bank of Nova Scotia by 14.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,985,835 shares of the company’s stock valued at $634,016,000 after buying an additional 1,557,194 shares during the last quarter. 49.44% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia (Scotiabank or the Bank) is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The Company’s segments include Canadian Banking, International Banking, Global Banking and Markets (GBM), and Other.

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