Analysts Set The Bank of Nova Scotia (NYSE:BNS) PT at $81.00

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have earned an average rating of “Hold” from the nine brokerages that are covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $81.00.

A number of research analysts have recently weighed in on BNS shares. Wall Street Zen upgraded Bank of Nova Scotia from a “sell” rating to a “hold” rating in a report on Friday, May 30th. Cibc World Mkts lowered Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Royal Bank of Canada dropped their price objective on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Finally, Bank of America downgraded shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Monday, March 31st.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Murphy & Mullick Capital Management Corp purchased a new position in shares of Bank of Nova Scotia in the fourth quarter worth about $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Bank of Nova Scotia in the 4th quarter worth approximately $31,000. Allworth Financial LP lifted its position in Bank of Nova Scotia by 121.1% in the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock valued at $33,000 after purchasing an additional 350 shares during the last quarter. Compagnie Lombard Odier SCmA bought a new position in shares of Bank of Nova Scotia in the first quarter worth approximately $52,000. Finally, Independence Bank of Kentucky grew its holdings in shares of Bank of Nova Scotia by 38.4% in the first quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank’s stock worth $56,000 after purchasing an additional 326 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Stock Down 0.3%

Shares of NYSE:BNS opened at $53.34 on Friday. Bank of Nova Scotia has a 1 year low of $43.68 and a 1 year high of $57.07. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The business’s 50-day moving average is $49.30 and its 200-day moving average is $51.07. The company has a market capitalization of $66.43 billion, a price-to-earnings ratio of 12.35, a P/E/G ratio of 1.16 and a beta of 1.13.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, May 27th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.08). The company had revenue of $6.59 billion for the quarter, compared to analyst estimates of $8.98 billion. Bank of Nova Scotia had a net margin of 10.20% and a return on equity of 11.56%. Bank of Nova Scotia’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.58 EPS. Equities research analysts predict that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Bank of Nova Scotia Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 29th. Stockholders of record on Wednesday, July 2nd will be issued a $0.7996 dividend. The ex-dividend date of this dividend is Wednesday, July 2nd. This represents a $3.20 annualized dividend and a dividend yield of 6.00%. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.74. Bank of Nova Scotia’s dividend payout ratio is presently 89.44%.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.