Bank of Nova Scotia (BNS) to Repurchase Outstanding Stock

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) announced that its board has initiated a share repurchase plan, which authorizes the company to repurchase outstanding shares on Monday, February 12th, EventVestor reports. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Shares of Bank of Nova Scotia (NYSE:BNS) traded up $0.26 on Wednesday, hitting $61.29. The stock had a trading volume of 138,327 shares, compared to its average volume of 734,289. The firm has a market capitalization of $73,261.09, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 1.39 and a beta of 1.26. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.06. Bank of Nova Scotia has a 52 week low of $53.86 and a 52 week high of $66.78.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, November 28th. The bank reported $1.32 EPS for the quarter, meeting analysts’ consensus estimates of $1.32. The company had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.64 billion. Bank of Nova Scotia had a return on equity of 14.62% and a net margin of 22.20%. research analysts expect that Bank of Nova Scotia will post 5.48 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, January 29th. Stockholders of record on Tuesday, January 2nd were issued a dividend of $0.617 per share. This represents a $2.47 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date of this dividend was Friday, December 29th. Bank of Nova Scotia’s dividend payout ratio (DPR) is 51.51%.

A number of research firms have issued reports on BNS. Zacks Investment Research upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research note on Tuesday, February 6th. Canaccord Genuity reiterated a “buy” rating and issued a $92.00 target price on shares of Bank of Nova Scotia in a research note on Tuesday, November 28th. Scotiabank reiterated a “buy” rating and issued a $95.00 target price on shares of Bank of Nova Scotia in a research note on Wednesday, November 22nd. Finally, Macquarie began coverage on Bank of Nova Scotia in a research note on Tuesday, October 24th. They issued an “outperform” rating on the stock. Two research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $86.00.

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Bank of Nova Scotia 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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