The Bank of Nova Scotia (NYSE:BNS) Receives Average Rating of “Moderate Buy” from Analysts

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) has received a consensus rating of “Moderate Buy” from the nine analysts that are covering the company, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $75.50.

BNS has been the topic of a number of recent analyst reports. Barclays raised shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 21st. Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. Cibc World Mkts downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Royal Bank of Canada lowered their price target on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. Finally, CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th.

Bank of Nova Scotia Stock Up 1.7 %

Bank of Nova Scotia stock opened at $48.76 on Tuesday. The stock’s 50 day moving average price is $50.43 and its 200 day moving average price is $52.48. The company has a market cap of $60.73 billion, a PE ratio of 11.29, a price-to-earnings-growth 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.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be paid a $0.7415 dividend. This represents a $2.97 dividend on an annualized basis and a yield of 6.08%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia’s payout ratio is currently 82.77%.

Hedge Funds Weigh In On Bank of Nova Scotia

Several hedge funds have recently bought and sold shares of BNS. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Bank of Nova Scotia during the fourth quarter valued at $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Bank of Nova Scotia during the fourth quarter worth about $31,000. Allworth Financial LP raised its position in shares of Bank of Nova Scotia by 121.1% in the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock valued at $33,000 after buying an additional 350 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after buying an additional 810 shares during the period. Finally, Fortitude Family Office LLC acquired a new stake in Bank of Nova Scotia during the fourth quarter worth approximately $73,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

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.