Bank of Nova Scotia (TSE:BNS) Cut to “Neutral” at CIBC

CIBC lowered shares of Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) from an outperform rating to a neutral rating in a research note released on Tuesday,BayStreet.CA reports. The firm currently has C$81.00 price objective on the bank’s stock, down from their prior price objective of C$84.00.

Other analysts also recently issued reports about the stock. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating and lifted their price target for the company from C$71.00 to C$84.00 in a report on Tuesday, November 19th. Barclays upgraded Bank of Nova Scotia from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 21st. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating and boosted their target price for the stock from C$73.00 to C$90.00 in a research report on Tuesday, November 19th. Accountability Research set a C$82.00 price target on Bank of Nova Scotia and gave the company a “buy” rating in a report on Thursday, January 9th. Finally, UBS Group raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Monday, November 18th. Nine analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Bank of Nova Scotia currently has an average rating of “Hold” and an average price target of C$78.33.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock opened at C$72.48 on Tuesday. Bank of Nova Scotia has a 1 year low of C$60.68 and a 1 year high of C$80.14. The firm’s 50 day moving average price is C$74.85 and its 200-day moving average price is C$72.65. The stock has a market cap of C$88.82 billion, a P/E ratio of 11.45, a PEG ratio of 1.33 and a beta of 0.97.

Bank of Nova Scotia Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were issued a dividend of $1.06 per share. The ex-dividend date was Tuesday, January 7th. This represents a $4.24 annualized dividend and a yield of 5.85%. Bank of Nova Scotia’s payout ratio is presently 67.00%.

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.