The Bank of Nova Scotia (NYSE:BNS) Receives Consensus Rating of “Hold” from Analysts

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have been given a consensus recommendation of “Hold” by the nine brokerages that are presently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $81.00.

A number of research analysts have commented on BNS shares. Royal Bank of Canada cut their target price on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Bank of America lowered Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Monday, March 31st. Finally, Cibc World Mkts downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th.

Bank of Nova Scotia Trading Up 0.2%

Shares of BNS opened at $50.20 on Wednesday. The firm has a market capitalization of $62.53 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 1.16 and a beta of 1.11. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. Bank of Nova Scotia has a 1-year low of $43.68 and a 1-year high of $57.07. The company has a 50-day moving average of $47.98 and a 200 day moving average of $51.17.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st were given a $0.7415 dividend. This represents a $2.97 dividend on an annualized basis and a yield of 5.91%. The ex-dividend date of this dividend was Tuesday, April 1st. Bank of Nova Scotia’s payout ratio is 83.05%.

Institutional Investors Weigh In On Bank of Nova Scotia

Several large investors have recently added to or reduced their stakes in BNS. Galibier Capital Management Ltd. grew its position in shares of Bank of Nova Scotia by 38,283.3% during the fourth quarter. Galibier Capital Management Ltd. now owns 476,721 shares of the bank’s stock worth $25,586,000 after buying an additional 475,479 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Bank of Nova Scotia by 7.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,095,285 shares of the bank’s stock worth $58,839,000 after acquiring an additional 77,820 shares in the last quarter. Mediolanum International Funds Ltd purchased a new stake in shares of Bank of Nova Scotia in the 4th quarter valued at approximately $292,000. Blue Trust Inc. raised its holdings in shares of Bank of Nova Scotia by 98.6% in the 4th quarter. Blue Trust Inc. now owns 3,134 shares of the bank’s stock valued at $171,000 after purchasing an additional 1,556 shares in the last quarter. Finally, HighTower Advisors LLC lifted its position in shares of Bank of Nova Scotia by 11.8% during the 4th quarter. HighTower Advisors LLC now owns 11,438 shares of the bank’s stock worth $614,000 after purchasing an additional 1,207 shares during the last quarter. 49.13% of the stock is owned by hedge funds and other institutional investors.

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.