Bank of Nova Scotia (NYSE:BNS) Upgraded at UBS Group

UBS Group upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a neutral rating to a buy rating in a report issued on Monday morning, Marketbeat reports.

A number of other research firms have also recently issued reports on BNS. TD Securities upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $69.00.

Bank of Nova Scotia Stock Down 0.0 %

Shares of NYSE:BNS opened at $56.29 on Monday. The firm has a fifty day moving average of $53.33 and a 200 day moving average of $49.34. Bank of Nova Scotia has a 52-week low of $41.80 and a 52-week high of $56.71. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market capitalization of $70.05 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 1.67 and a beta of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.01. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The company had revenue of $8.36 billion during the quarter, compared to analysts’ expectations of $8.53 billion. During the same quarter in the prior year, the company earned $1.30 EPS. The firm’s revenue was up 3.7% on a year-over-year basis. As a group, research analysts anticipate that Bank of Nova Scotia will post 4.75 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Wednesday, October 2nd were paid a dividend of $0.768 per share. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $3.07 dividend on an annualized basis and a dividend yield of 5.46%. Bank of Nova Scotia’s dividend payout ratio is currently 74.88%.

Institutional Investors Weigh In On Bank of Nova Scotia

A number of hedge funds have recently modified their holdings of the business. Toronto Dominion Bank increased its stake in shares of Bank of Nova Scotia by 9.6% in the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock worth $1,361,752,000 after purchasing an additional 2,195,604 shares in the last quarter. 1832 Asset Management L.P. boosted its stake in shares of Bank of Nova Scotia by 16.1% in the first quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock worth $881,082,000 after acquiring an additional 2,361,136 shares during the period. Mackenzie Financial Corp grew its position in shares of Bank of Nova Scotia by 4.7% during the second quarter. Mackenzie Financial Corp now owns 15,091,880 shares of the bank’s stock worth $690,438,000 after purchasing an additional 683,946 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Bank of Nova Scotia by 24.9% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock valued at $640,624,000 after purchasing an additional 2,346,995 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Bank of Nova Scotia by 2.4% in the 3rd quarter. CIBC Asset Management Inc now owns 10,074,518 shares of the bank’s stock worth $550,729,000 after purchasing an additional 240,803 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.