Analysts Set Bank of Nova Scotia (NYSE:BNS) Price Target at $82.33

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) has been given a consensus recommendation of “Hold” by the nine ratings firms that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $82.33.

A number of equities research analysts have recently weighed in on BNS shares. Barclays raised Encompass Health from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $68.00 to $70.00 in a research note on Thursday, May 30th. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, Zacks Investment Research cut HEXO from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BNS. Norges Bank acquired a new position in Bank of Nova Scotia during the 4th quarter worth $701,072,000. Toronto Dominion Bank grew its stake in Bank of Nova Scotia by 18.8% during the 1st quarter. Toronto Dominion Bank now owns 25,880,112 shares of the bank’s stock worth $1,377,776,000 after purchasing an additional 4,102,714 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in Bank of Nova Scotia during the 1st quarter worth $217,341,000. TD Asset Management Inc. grew its stake in Bank of Nova Scotia by 2.0% during the 1st quarter. TD Asset Management Inc. now owns 35,459,260 shares of the bank’s stock worth $1,888,223,000 after purchasing an additional 703,589 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Bank of Nova Scotia by 20.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,367,908 shares of the bank’s stock worth $118,088,000 after purchasing an additional 409,914 shares in the last quarter. 45.23% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE BNS traded down $0.12 during trading on Friday, reaching $53.12. The stock had a trading volume of 387,610 shares, compared to its average volume of 623,009. Bank of Nova Scotia has a fifty-two week low of $48.34 and a fifty-two week high of $60.60. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a 50-day moving average price of $53.33. The stock has a market capitalization of $65.06 billion, a P/E ratio of 9.76, a P/E/G ratio of 2.01 and a beta of 1.15.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, May 28th. The bank reported $1.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.74 by ($0.04). Bank of Nova Scotia had a net margin of 19.20% and a return on equity of 13.55%. The firm had revenue of $7.80 billion during the quarter, compared to analyst estimates of $7.60 billion. During the same period in the previous year, the firm posted $1.70 earnings per share. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts expect that Bank of Nova Scotia will post 5.26 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Tuesday, July 2nd will be paid a dividend of $0.65 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.60 annualized dividend and a yield of 4.89%. Bank of Nova Scotia’s payout ratio is 48.90%.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company 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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Analyst Recommendations for Bank of Nova Scotia (NYSE:BNS)

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