The Bank of Nova Scotia (NYSE:BNS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have been assigned a consensus rating of “Moderate Buy” from the nine research firms that are covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $72.00.

A number of analysts have recently weighed in on BNS shares. UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Royal Bank of Canada lifted their price objective on Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 4th. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Sei Investments Co. acquired a new position in shares of Bank of Nova Scotia in the 2nd quarter valued at $648,000. Cubist Systematic Strategies LLC increased its stake in Bank of Nova Scotia by 477.3% in the second quarter. Cubist Systematic Strategies LLC now owns 75,456 shares of the bank’s stock valued at $3,450,000 after acquiring an additional 95,456 shares during the period. Squarepoint Ops LLC acquired a new position in Bank of Nova Scotia in the second quarter worth about $703,000. AQR Capital Management LLC bought a new position in Bank of Nova Scotia during the second quarter worth about $230,000. Finally, APG Asset Management N.V. boosted its holdings in Bank of Nova Scotia by 211.0% during the second quarter. APG Asset Management N.V. now owns 139,671 shares of the bank’s stock valued at $5,960,000 after purchasing an additional 94,759 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia Stock Up 0.3 %

Shares of BNS stock opened at $51.88 on Monday. The stock’s 50 day simple moving average is $54.03 and its 200 day simple moving average is $51.62. Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month high of $57.07. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market capitalization of $64.61 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.16 and a beta of 1.08.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th will be given a $0.7535 dividend. The ex-dividend date is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.81%. Bank of Nova Scotia’s dividend payout ratio is currently 68.29%.

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.