Bank of Nova Scotia (NYSE:BNS) Lowered to "Hold" Rating by Cibc World Mkts

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS was downgraded by stock analysts at Cibc World Mkts from a "strong-buy" rating to a "hold" rating in a report released on Tuesday,Zacks.com reports.

BNS has been the subject of several other research reports. Royal Bank of Canada boosted their target price 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. CIBC reissued a "neutral" rating on shares of Bank of Nova Scotia in a research note on Tuesday. Bank of America raised Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a research note on Tuesday, November 19th. Canaccord Genuity Group raised Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research note on Tuesday, November 19th. Finally, TD Securities upgraded Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Bank of Nova Scotia has an average rating of "Hold" and an average target price of $72.00.

Bank of Nova Scotia Price Performance

NYSE BNS traded down $0.68 during trading on Tuesday, hitting $50.46. 1,511,828 shares of the company's stock were exchanged, compared to its average volume of 1,888,557. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The company has a market cap of $62.84 billion, a PE ratio of 11.68, a P/E/G ratio of 1.16 and a beta of 1.07. Bank of Nova Scotia has a fifty-two week low of $43.67 and a fifty-two week high of $57.07. The stock's 50 day moving average price is $52.13 and its two-hundred day moving average price is $52.19.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BNS. Murphy & Mullick Capital Management Corp acquired a new position in Bank of Nova Scotia during the fourth quarter worth $25,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Bank of Nova Scotia during the fourth quarter worth $31,000. Allworth Financial LP raised its holdings in Bank of Nova Scotia by 121.1% during the fourth quarter. Allworth Financial LP now owns 639 shares of the bank's stock worth $33,000 after buying an additional 350 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank's stock worth $47,000 after buying an additional 810 shares during the last quarter. Finally, Fortitude Family Office LLC acquired a new position in Bank of Nova Scotia during the fourth quarter worth $73,000. 49.13% of the stock is owned by institutional investors.

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.