Brokerages Set The Bank of Nova Scotia (NYSE:BNS) Price Target at $69.00

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have received a consensus rating of “Hold” from the five analysts that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $69.00.

A number of analysts recently issued reports on the stock. Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. UBS Group started coverage on Bank of Nova Scotia in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock.

Bank of Nova Scotia Stock Up 0.1 %

Shares of NYSE BNS opened at $54.49 on Tuesday. The firm has a 50-day moving average price of $49.15 and a 200 day moving average price of $48.13. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $67.00 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 1.71 and a beta of 1.04. Bank of Nova Scotia has a 52 week low of $39.79 and a 52 week high of $55.12.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.01. The firm had revenue of $8.36 billion during the quarter, compared to the consensus estimate of $8.53 billion. Bank of Nova Scotia had a return on equity of 11.14% and a net margin of 9.84%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.30 EPS. Equities research analysts anticipate that Bank of Nova Scotia will post 4.8 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd will be paid a $0.768 dividend. This represents a $3.07 annualized dividend and a dividend yield of 5.64%. The ex-dividend date is Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio (DPR) is 70.72%.

Institutional Investors Weigh In On Bank of Nova Scotia

Several hedge funds and other institutional investors have recently modified their holdings of BNS. Wealth Enhancement Advisory Services LLC boosted its position in Bank of Nova Scotia by 1.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,432 shares of the bank’s stock valued at $799,000 after purchasing an additional 219 shares during the period. Power Corp of Canada raised its holdings in Bank of Nova Scotia by 1.9% during the fourth quarter. Power Corp of Canada now owns 12,037 shares of the bank’s stock worth $587,000 after purchasing an additional 226 shares in the last quarter. Bruce G. Allen Investments LLC lifted its position in Bank of Nova Scotia by 70.6% in the first quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock worth $30,000 after purchasing an additional 242 shares during the period. Pacifica Partners Inc. lifted its holdings in shares of Bank of Nova Scotia by 1.5% in the second quarter. Pacifica Partners Inc. now owns 19,493 shares of the bank’s stock valued at $889,000 after buying an additional 288 shares during the period. Finally, Gold Investment Management Ltd. boosted its stake in Bank of Nova Scotia by 0.3% during the first quarter. Gold Investment Management Ltd. now owns 111,564 shares of the bank’s stock valued at $5,773,000 after buying an additional 292 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Company Profile

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.