Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a note issued to investors on Tuesday.

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. “

A number of other equities research analysts also recently commented on the company. Macquarie assumed coverage on Bank of Nova Scotia (The) in a report on Tuesday, October 24th. They set an “outperform” rating for the company. Citigroup Inc. raised Bank of Nova Scotia (The) from a “neutral” rating to a “buy” rating in a report on Wednesday, September 20th. Scotiabank reaffirmed a “buy” rating and set a $88.00 target price on shares of Bank of Nova Scotia (The) in a report on Wednesday, August 30th. Canaccord Genuity set a $87.00 target price on Bank of Nova Scotia (The) and gave the stock a “buy” rating in a report on Tuesday, August 29th. Finally, BidaskClub raised Bank of Nova Scotia (The) from a “sell” rating to a “hold” rating in a report on Friday, August 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. Bank of Nova Scotia (The) has a consensus rating of “Buy” and a consensus target price of $83.20.

Bank of Nova Scotia (NYSE BNS) traded down 0.14% during midday trading on Tuesday, hitting $64.52. 698,159 shares of the stock traded hands. The stock has a market cap of $77.31 billion, a PE ratio of 12.94 and a beta of 1.26. The company has a 50-day moving average of $64.13 and a 200-day moving average of $60.56. Bank of Nova Scotia has a 12 month low of $51.21 and a 12 month high of $65.07.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, August 29th. The bank reported $1.27 EPS for the quarter, missing the Zacks’ consensus estimate of $1.65 by ($0.38). Bank of Nova Scotia (The) had a return on equity of 14.54% and a net margin of 22.26%. The firm had revenue of $5.22 billion for the quarter, compared to analyst estimates of $5.28 billion. During the same period last year, the firm earned $1.54 EPS. On average, equities research analysts anticipate that Bank of Nova Scotia will post $5.10 earnings per share for the current year.

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Hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. purchased a new position in Bank of Nova Scotia (The) during the second quarter valued at approximately $117,297,000. Investec Asset Management LTD raised its position in Bank of Nova Scotia (The) by 15.9% during the second quarter. Investec Asset Management LTD now owns 2,538,054 shares of the bank’s stock valued at $152,455,000 after acquiring an additional 347,432 shares in the last quarter. Willingdon Wealth Management purchased a new position in Bank of Nova Scotia (The) during the second quarter valued at approximately $2,117,000. OMERS ADMINISTRATION Corp raised its position in Bank of Nova Scotia (The) by 5.3% during the second quarter. OMERS ADMINISTRATION Corp now owns 3,406,680 shares of the bank’s stock valued at $204,632,000 after acquiring an additional 170,800 shares in the last quarter. Finally, Creative Planning raised its position in Bank of Nova Scotia (The) by 7.8% during the second quarter. Creative Planning now owns 14,383 shares of the bank’s stock valued at $865,000 after acquiring an additional 1,044 shares in the last quarter. Institutional investors own 46.48% of the company’s stock.

Bank of Nova Scotia (The) Company Profile

The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

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