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

Zacks Investment Research upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a sell rating to a hold rating in a research report report published on Wednesday morning.

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 equities research analysts also recently issued research reports about the company. Bank of America downgraded Bank of Nova Scotia from a buy rating to a neutral rating in a report on Tuesday, June 5th. National Bank Financial downgraded Bank of Nova Scotia from an outperform rating to a sector perform rating in a report on Friday, June 8th. Desjardins reaffirmed a buy rating on shares of Bank of Nova Scotia in a report on Friday, June 8th. Royal Bank of Canada downgraded Bank of Nova Scotia from an outperform rating to a sector perform rating in a report on Monday, June 11th. Finally, ValuEngine downgraded Bank of Nova Scotia from a hold rating to a sell rating in a report on Monday, June 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $85.67.

Shares of BNS stock opened at $58.13 on Wednesday. The firm has a market capitalization of $72.56 billion, a price-to-earnings ratio of 11.09, a price-to-earnings-growth ratio of 1.54 and a beta of 1.28. Bank of Nova Scotia has a fifty-two week low of $55.85 and a fifty-two week high of $66.78. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, May 29th. The bank reported $1.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.31 by $0.04. The firm had revenue of $5.59 billion for the quarter, compared to the consensus estimate of $5.37 billion. Bank of Nova Scotia had a return on equity of 14.87% and a net margin of 22.29%. analysts forecast that Bank of Nova Scotia will post 5.4 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 27th. Investors of record on Tuesday, July 3rd were issued a dividend of $0.6366 per share. This represents a $2.55 annualized dividend and a dividend yield of 4.38%. The ex-dividend date was Monday, July 2nd. Bank of Nova Scotia’s dividend payout ratio (DPR) is 47.71%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Toronto Dominion Bank boosted its holdings in shares of Bank of Nova Scotia by 37.5% during the 2nd quarter. Toronto Dominion Bank now owns 20,945,499 shares of the bank’s stock valued at $1,199,742,000 after acquiring an additional 5,709,563 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in shares of Bank of Nova Scotia by 0.7% during the 2nd quarter. Great West Life Assurance Co. Can now owns 13,977,544 shares of the bank’s stock valued at $794,079,000 after acquiring an additional 101,106 shares in the last quarter. Letko Brosseau & Associates Inc. boosted its holdings in shares of Bank of Nova Scotia by 2.5% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 7,074,301 shares of the bank’s stock valued at $400,328,000 after acquiring an additional 169,207 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its holdings in shares of Bank of Nova Scotia by 20.1% during the 2nd quarter. OMERS ADMINISTRATION Corp now owns 6,920,196 shares of the bank’s stock valued at $391,607,000 after acquiring an additional 1,159,645 shares in the last quarter. Finally, Fiera Capital Corp boosted its holdings in shares of Bank of Nova Scotia by 51.3% during the 2nd quarter. Fiera Capital Corp now owns 6,500,295 shares of the bank’s stock valued at $368,111,000 after acquiring an additional 2,204,950 shares in the last quarter. 45.11% of the stock is currently owned by institutional investors.

About Bank of Nova Scotia

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.

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