CIBC Upgrades Bank of Nova Scotia (TSE:BNS) to Outperform

CIBC upgraded shares of Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) from a neutral rating to an outperform rating in a research report sent to investors on Friday morning, BayStreet.CA reports. The brokerage currently has C$82.00 price objective on the bank’s stock, up from their previous price objective of C$78.00.

A number of other brokerages have also recently issued reports on BNS. Canaccord Genuity Group boosted their price objective on Bank of Nova Scotia from C$70.00 to C$71.00 and gave the company a hold rating in a research note on Wednesday, May 29th. UBS Group set a C$67.00 target price on Bank of Nova Scotia and gave the company a neutral rating in a report on Tuesday, July 2nd. National Bankshares decreased their target price on Bank of Nova Scotia from C$67.00 to C$66.00 and set a sector perform rating for the company in a report on Wednesday, May 29th. BMO Capital Markets decreased their price objective on Bank of Nova Scotia from C$74.00 to C$72.00 and set a market perform rating for the company in a report on Wednesday, August 28th. Finally, TD Securities increased their price objective on Bank of Nova Scotia from C$69.00 to C$71.00 and gave the stock a hold rating in a report on Wednesday, August 28th. Eleven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Bank of Nova Scotia presently has a consensus rating of Hold and an average price target of C$68.25.

Bank of Nova Scotia Stock Performance

TSE:BNS opened at C$72.86 on Friday. The company has a market capitalization of C$90.35 billion, a PE ratio of 12.76, a P/E/G ratio of 1.33 and a beta of 0.96. Bank of Nova Scotia has a fifty-two week low of C$55.20 and a fifty-two week high of C$73.65. The company has a 50 day simple moving average of C$66.05 and a two-hundred day simple moving average of C$65.49.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last posted its quarterly earnings results on Tuesday, August 27th. The bank reported C$1.63 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$1.63. Bank of Nova Scotia had a net margin of 25.38% and a return on equity of 9.49%. The business had revenue of C$8.36 billion during the quarter, compared to the consensus estimate of C$8.50 billion. Research analysts predict that Bank of Nova Scotia will post 7.0938104 EPS for the current year.

Bank of Nova Scotia Dividend Announcement

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 issued a $1.06 dividend. The ex-dividend date is Wednesday, October 2nd. This represents a $4.24 dividend on an annualized basis and a yield of 5.82%. Bank of Nova Scotia’s dividend payout ratio is presently 74.26%.

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.