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

Bank of Nova Scotia (The) (NYSE:BNSGet Free Report) (TSE:BNS) has received a consensus recommendation of “Hold” from the nine brokerages that are currently covering the firm, Marketbeat reports. Five analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $81.00.

A number of analysts have recently weighed in on the company. Bank of America cut Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research report on Monday, March 31st. Wall Street Zen lowered Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Saturday, June 21st.

Check Out Our Latest Report on Bank of Nova Scotia

Bank of Nova Scotia Stock Down 0.4%

Shares of Bank of Nova Scotia stock opened at $54.86 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.62. The business’s 50 day simple moving average is $52.04 and its 200-day simple moving average is $50.84. The stock has a market capitalization of $68.33 billion, a price-to-earnings ratio of 16.09, a PEG ratio of 1.38 and a beta of 1.13. Bank of Nova Scotia has a twelve month low of $43.68 and a twelve month high of $57.07.

Bank of Nova Scotia (NYSE:BNSGet Free Report) (TSE:BNS) last announced its quarterly earnings results on Tuesday, May 27th. The bank reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates 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 return on equity of 11.27% and a net margin of 8.83%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.58 earnings per share. Equities research analysts forecast that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Bank of Nova Scotia Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 29th. Investors of record on Wednesday, July 2nd will be issued a $0.7996 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 5.83%. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.74. The ex-dividend date is Wednesday, July 2nd. Bank of Nova Scotia’s dividend payout ratio is 86.51%.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BNS. Norges Bank bought a new position in Bank of Nova Scotia in the 4th quarter worth approximately $690,746,000. Goldman Sachs Group Inc. boosted its stake in Bank of Nova Scotia by 255.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,174,780 shares of the bank’s stock valued at $482,590,000 after purchasing an additional 7,315,915 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in Bank of Nova Scotia by 141.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 8,364,411 shares of the bank’s stock valued at $396,650,000 after purchasing an additional 4,894,754 shares in the last quarter. Murchinson Ltd. bought a new position in Bank of Nova Scotia during the 1st quarter valued at $203,953,000. Finally, Nicola Wealth Management LTD. bought a new position in Bank of Nova Scotia during the 1st quarter valued at $109,092,000. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Company Profile

(Get Free Report

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.

Featured Articles

Analyst Recommendations for Bank of Nova Scotia (NYSE:BNS)

Receive News & Ratings for Bank of Nova Scotia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of Nova Scotia and related companies with MarketBeat.com's FREE daily email newsletter.