Scotiabank (BNS) Receives Consensus Rating of “Buy” from Brokerages

Scotiabank (TSE:BNS) (NYSE:BNS) has received an average rating of “Buy” from the eleven research firms that are covering the stock, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have issued ratings on the stock in the last year is C$91.00.

BNS has been the subject of several analyst reports. Scotiabank boosted their price objective on Scotiabank from C$91.00 to C$93.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 28th. CSFB boosted their price objective on Scotiabank from C$86.00 to C$87.00 in a research report on Thursday, March 1st. Royal Bank of Canada boosted their target price on Scotiabank from C$92.00 to C$95.00 and gave the stock an “outperform” rating in a report on Wednesday, February 28th. Barclays boosted their target price on Scotiabank from C$87.00 to C$89.00 in a report on Wednesday, February 28th. Finally, Desjardins boosted their target price on Scotiabank from C$91.00 to C$92.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th.

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In other news, Director Scott Thomson bought 2,000 shares of the business’s stock in a transaction on Friday, April 6th. The shares were bought at an average cost of C$77.26 per share, with a total value of C$154,520.00. Also, insider Andrew Branion sold 6,252 shares of the business’s stock in a transaction on Wednesday, March 7th. The shares were sold at an average price of C$79.75, for a total transaction of C$498,597.00.

BNS stock traded down C$0.10 during midday trading on Thursday, reaching C$76.37. The company had a trading volume of 702,363 shares, compared to its average volume of 2,082,351. Scotiabank has a fifty-two week low of C$73.31 and a fifty-two week high of C$85.50.

Scotiabank (TSE:BNS) (NYSE:BNS) last issued its earnings results on Tuesday, February 27th. The bank reported C$1.75 EPS for the quarter, beating the Zacks’ consensus estimate of C$1.65 by C$0.10. Scotiabank had a return on equity of 16.32% and a net margin of 32.97%. The company had revenue of C$7.09 billion during the quarter, compared to the consensus estimate of C$7 billion.

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 26th. Shareholders of record on Tuesday, April 3rd will be issued a $0.82 dividend. The ex-dividend date is Monday, April 2nd. This represents a $3.28 annualized dividend and a dividend yield of 4.29%. This is a boost from Scotiabank’s previous quarterly dividend of $0.79.

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About Scotiabank

The Bank of Nova Scotia provides various financial services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. It offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

Analyst Recommendations for Scotiabank (TSE:BNS)

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