Bank of Nova Scotia (NYSE:BNS) Receives Neutral Rating from CIBC

CIBC restated their neutral rating on shares of Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS in a report published on Tuesday, MarketBeat reports.

BNS has been the subject of several other reports. Bank of America upgraded shares of Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a report on Tuesday, November 19th. Royal Bank of Canada raised their target price on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a "sector perform" rating in a research note on Wednesday, December 4th. UBS Group upgraded Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a research report on Monday, November 18th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th. Finally, Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $72.00.

Bank of Nova Scotia Trading Down 1.3 %

NYSE BNS traded down $0.68 during trading on Tuesday, hitting $50.46. The company had a trading volume of 1,511,828 shares, compared to its average volume of 1,888,557. The company's fifty day moving average is $52.04 and its 200-day moving average is $52.23. Bank of Nova Scotia has a one year low of $43.67 and a one year high of $57.07. 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 price-to-earnings ratio of 11.68, a price-to-earnings-growth 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 was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were given a dividend of $0.7535 per share. This represents a $3.01 dividend on an annualized basis and a yield of 5.97%. The ex-dividend date was Tuesday, January 7th. Bank of Nova Scotia's dividend payout ratio (DPR) is presently 68.29%.

Institutional Investors Weigh In On Bank of Nova Scotia

Several hedge funds have recently added to or reduced their stakes in the stock. AlphaCore Capital LLC purchased a new position in shares of Bank of Nova Scotia in the 4th quarter worth about $413,000. Forum Financial Management LP increased its stake in Bank of Nova Scotia by 50.3% during the 4th quarter. Forum Financial Management LP now owns 15,483 shares of the bank's stock valued at $832,000 after purchasing an additional 5,180 shares in the last quarter. Vise Technologies Inc. raised its holdings in Bank of Nova Scotia by 7.3% in the fourth quarter. Vise Technologies Inc. now owns 17,905 shares of the bank's stock worth $962,000 after buying an additional 1,214 shares during the last quarter. Retirement Planning Group LLC lifted its stake in shares of Bank of Nova Scotia by 6.8% in the fourth quarter. Retirement Planning Group LLC now owns 13,918 shares of the bank's stock worth $748,000 after buying an additional 881 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new stake in shares of Bank of Nova Scotia during the fourth quarter valued at approximately $96,529,000. 49.13% of the stock is owned by institutional investors.

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.