Analysts Set Bank of Nova Scotia (The) (NYSE:BNS) Target Price at $117.00

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) has earned an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $117.00.

A number of brokerages have issued reports on BNS. Keefe, Bruyette & Woods initiated coverage on Bank of Nova Scotia in a research note on Friday, August 21st. They issued an “outperform” rating for the company. Royal Bank Of Canada boosted their price objective on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a research report on Thursday, May 28th. National Bank Financial raised Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, August 26th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, August 25th. Finally, Weiss Ratings downgraded Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, August 18th.

Hedge Funds Weigh In On Bank of Nova Scotia

Hedge funds have recently modified their holdings of the stock. Prospera Financial Services Inc grew its stake in Bank of Nova Scotia by 3.9% during the fourth quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank’s stock valued at $341,000 after acquiring an additional 173 shares in the last quarter. Larson Financial Group LLC lifted its stake in Bank of Nova Scotia by 22.3% in the 4th quarter. Larson Financial Group LLC now owns 1,280 shares of the bank’s stock worth $94,000 after purchasing an additional 233 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Bank of Nova Scotia by 8.1% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,193 shares of the bank’s stock valued at $235,000 after purchasing an additional 239 shares during the last quarter. Parallel Advisors LLC boosted its holdings in shares of Bank of Nova Scotia by 8.5% during the 3rd quarter. Parallel Advisors LLC now owns 3,326 shares of the bank’s stock valued at $215,000 after purchasing an additional 261 shares during the last quarter. Finally, Greenspring Advisors LLC grew its position in shares of Bank of Nova Scotia by 7.9% during the second quarter. Greenspring Advisors LLC now owns 3,778 shares of the bank’s stock valued at $328,000 after purchasing an additional 275 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Price Performance

NYSE BNS opened at $91.57 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. Bank of Nova Scotia has a 12 month low of $61.69 and a 12 month high of $94.96. The stock has a market cap of $111.61 billion, a price-to-earnings ratio of 16.57, a PEG ratio of 1.05 and a beta of 1.11. The company’s 50 day moving average is $88.23 and its two-hundred day moving average is $80.26.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, August 25th. The bank reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.11. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. The firm had revenue of $7.52 billion during the quarter, compared to analysts’ expectations of $7.11 billion. During the same period in the prior year, the company posted $1.84 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, research analysts anticipate that Bank of Nova Scotia will post 6.14 earnings per share for the current year.

Bank of Nova Scotia Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Tuesday, October 6th will be issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend is Tuesday, October 6th. Bank of Nova Scotia’s dividend payout ratio (DPR) is 58.05%.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.