Bank of Nova Scotia (BNS) Rating Lowered to Sell at Zacks Investment Research

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

BNS has been the topic of a number of other reports. Canaccord Genuity lowered shares of Bank of Nova Scotia from a buy rating to a hold rating in a research report on Wednesday, August 29th. Desjardins reiterated an average rating and set a $85.00 target price on shares of Bank of Nova Scotia in a research report on Thursday. Two analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $83.50.

Shares of BNS stock traded down $0.69 during trading hours on Friday, reaching $53.59. 1,004,960 shares of the company were exchanged, compared to its average volume of 873,436. Bank of Nova Scotia has a fifty-two week low of $52.63 and a fifty-two week high of $66.78. The firm has a market capitalization of $66.50 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 1.51 and a beta of 1.25. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.09.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its earnings results on Tuesday, August 28th. The bank reported $1.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.37 by $0.39. Bank of Nova Scotia had a net margin of 21.55% and a return on equity of 14.62%. The company had revenue of $7.18 billion for the quarter, compared to analyst estimates of $7.34 billion. During the same period in the prior year, the business earned $1.66 earnings per share. Bank of Nova Scotia’s quarterly revenue was up 1.7% on a year-over-year basis. On average, equities research analysts forecast that Bank of Nova Scotia will post 5.39 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 29th. Stockholders of record on Tuesday, October 2nd were given a dividend of $0.6539 per share. This represents a $2.62 dividend on an annualized basis and a dividend yield of 4.88%. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.64. The ex-dividend date was Monday, October 1st. Bank of Nova Scotia’s dividend payout ratio is presently 50.19%.

Several hedge funds have recently made changes to their positions in the company. Bank of Montreal Can raised its stake in shares of Bank of Nova Scotia by 8.0% during the third quarter. Bank of Montreal Can now owns 50,478,972 shares of the bank’s stock worth $3,010,061,000 after buying an additional 3,741,346 shares during the last quarter. Toronto Dominion Bank raised its stake in shares of Bank of Nova Scotia by 37.5% during the second quarter. Toronto Dominion Bank now owns 20,945,499 shares of the bank’s stock worth $1,199,742,000 after buying an additional 5,709,563 shares during the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Bank of Nova Scotia by 0.7% during the second quarter. Great West Life Assurance Co. Can now owns 13,977,544 shares of the bank’s stock worth $794,079,000 after buying an additional 101,106 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Bank of Nova Scotia by 0.6% during the third quarter. CIBC Asset Management Inc now owns 8,209,322 shares of the bank’s stock worth $488,943,000 after buying an additional 50,748 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. raised its stake in shares of Bank of Nova Scotia by 0.7% during the third quarter. Letko Brosseau & Associates Inc. now owns 7,127,048 shares of the bank’s stock worth $424,502,000 after buying an additional 52,747 shares during the last quarter. Institutional investors own 46.70% of the company’s stock.

Bank of Nova Scotia Company Profile

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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