Bank of Nova Scotia (BNS) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a hold rating to a buy rating in a report issued on Tuesday. The firm currently has $61.00 price target on the bank’s stock.

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. “

Separately, Canaccord Genuity downgraded shares of Bank of Nova Scotia from a buy rating to a hold rating in a report on Wednesday, August 29th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $83.00.

Shares of BNS opened at $54.61 on Tuesday. Bank of Nova Scotia has a 12 month low of $54.33 and a 12 month high of $66.78. The firm has a market cap of $68.31 billion, a PE ratio of 10.27, a price-to-earnings-growth ratio of 1.63 and a beta of 1.27. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.09.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, August 28th. The bank reported $1.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.39. Bank of Nova Scotia had a net margin of 21.55% and a return on equity of 14.62%. The company had revenue of $7.18 billion for the quarter, compared to analyst estimates of $7.34 billion. During the same quarter in the prior year, the business posted $1.66 EPS. Bank of Nova Scotia’s quarterly revenue was up 1.7% on a year-over-year basis. Equities research analysts forecast that Bank of Nova Scotia will post 5.42 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 29th. Investors of record on Tuesday, October 2nd will be issued a dividend of $0.6539 per share. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.64. This represents a $2.62 annualized dividend and a dividend yield of 4.79%. The ex-dividend date of this dividend is Monday, October 1st. Bank of Nova Scotia’s dividend payout ratio is currently 50.19%.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Raymond James & Associates boosted its holdings in shares of Bank of Nova Scotia by 1.9% during the 2nd quarter. Raymond James & Associates now owns 51,024 shares of the bank’s stock worth $2,889,000 after buying an additional 951 shares during the period. Creative Planning boosted its holdings in Bank of Nova Scotia by 7.4% in the 2nd quarter. Creative Planning now owns 14,084 shares of the bank’s stock valued at $806,000 after purchasing an additional 971 shares during the period. Coastline Trust Co boosted its holdings in Bank of Nova Scotia by 24.8% in the 2nd quarter. Coastline Trust Co now owns 6,800 shares of the bank’s stock valued at $390,000 after purchasing an additional 1,350 shares during the period. Smithbridge Asset Management Inc. DE boosted its holdings in Bank of Nova Scotia by 6.2% in the 2nd quarter. Smithbridge Asset Management Inc. DE now owns 25,045 shares of the bank’s stock valued at $1,433,000 after purchasing an additional 1,455 shares during the period. Finally, Nwam LLC boosted its holdings in Bank of Nova Scotia by 38.9% in the 2nd quarter. Nwam LLC now owns 5,235 shares of the bank’s stock valued at $300,000 after purchasing an additional 1,465 shares during the period. 46.18% of the stock is owned by institutional investors and hedge funds.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various financial services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. It offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

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