Royal Bank of Canada Cuts Bank of Nova Scotia (NYSE:BNS) Price Target to $81.00

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) had its price target cut by Royal Bank of Canada from $83.00 to $81.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a sector perform rating on the bank’s stock.

A number of other analysts have also recently weighed in on BNS. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Barclays upgraded shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. CIBC restated a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. 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, Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $75.50.

Bank of Nova Scotia Stock Down 0.2 %

Shares of BNS stock opened at $49.61 on Wednesday. The stock’s 50 day simple moving average is $51.64 and its 200 day simple moving average is $52.38. 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 $61.79 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 1.16 and a beta of 1.07.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.7415 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.97 annualized dividend and a dividend yield of 5.98%. Bank of Nova Scotia’s payout ratio is 68.06%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Murphy & Mullick Capital Management Corp bought a new position in Bank of Nova Scotia during the fourth quarter valued at about $25,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Bank of Nova Scotia during the 4th quarter worth approximately $31,000. Allworth Financial LP increased its position in shares of Bank of Nova Scotia by 121.1% during the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock valued at $33,000 after purchasing an additional 350 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Bank of Nova Scotia by 1,588.2% in the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after purchasing an additional 810 shares in the last quarter. Finally, Fortitude Family Office LLC bought a new position in Bank of Nova Scotia in the fourth quarter worth $73,000. Institutional investors and hedge funds 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.