Bank of Nova Scotia (NYSE:BNS) (TSE:BNS)‘s stock had its “average” rating reiterated by equities researchers at Desjardins in a note issued to investors on Thursday. They currently have a $85.00 price target on the bank’s stock. Desjardins’ price target would suggest a potential upside of 58.61% from the stock’s current price. Desjardins also issued estimates for Bank of Nova Scotia’s Q4 2018 earnings at $1.33 EPS, FY2018 earnings at $5.27 EPS, FY2019 earnings at $5.65 EPS and FY2020 earnings at $5.95 EPS.
Other analysts also recently issued reports about the company. Zacks Investment Research downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Thursday, August 16th. Canaccord Genuity downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Wednesday, August 29th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $83.50.
Shares of BNS opened at $53.59 on Thursday. The firm has a market capitalization of $66.56 billion, a P/E ratio of 10.23, a P/E/G ratio of 1.50 and a beta of 1.25. Bank of Nova Scotia has a 52-week low of $52.63 and a 52-week high of $66.78. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.09.
A number of hedge funds have recently added to or reduced their stakes in BNS. Pennsylvania Trust Co increased its stake in Bank of Nova Scotia by 48.7% in the second quarter. Pennsylvania Trust Co now owns 9,012 shares of the bank’s stock worth $515,000 after purchasing an additional 2,952 shares during the period. Addenda Capital Inc. increased its stake in Bank of Nova Scotia by 96.5% in the second quarter. Addenda Capital Inc. now owns 2,867,998 shares of the bank’s stock worth $170,420,000 after purchasing an additional 1,408,794 shares during the period. Rathbone Brothers plc increased its stake in Bank of Nova Scotia by 0.8% in the second quarter. Rathbone Brothers plc now owns 265,966 shares of the bank’s stock worth $15,051,000 after purchasing an additional 2,040 shares during the period. Nwam LLC increased its stake in Bank of Nova Scotia by 38.9% in the second quarter. Nwam LLC now owns 5,235 shares of the bank’s stock worth $300,000 after purchasing an additional 1,465 shares during the period. Finally, DORCHESTER WEALTH MANAGEMENT Co increased its stake in Bank of Nova Scotia by 0.4% in the second quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 445,876 shares of the bank’s stock worth $25,206,000 after purchasing an additional 1,643 shares during the period. Institutional investors and hedge funds own 46.70% of the company’s stock.
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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