Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS had its target price lowered by Royal Bank of Canada from $83.00 to $81.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a sector perform rating on the bank's stock.
A number of other equities analysts also recently commented on BNS. TD Securities raised shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Monday, November 4th. Barclays raised shares of Bank of Nova Scotia from an "underweight" rating to an "equal weight" rating in a report on Thursday, November 21st. Cibc World Mkts downgraded shares of Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 18th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th. Finally, Canaccord Genuity Group raised shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Bank of Nova Scotia currently has an average rating of "Hold" and a consensus target price of $75.50.
View Our Latest Stock Analysis on BNS
Bank of Nova Scotia Stock Performance
Bank of Nova Scotia stock traded down $0.08 during mid-day trading on Wednesday, reaching $49.61. The company had a trading volume of 2,557,755 shares, compared to its average volume of 1,873,909. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. Bank of Nova Scotia has a 52 week low of $43.67 and a 52 week high of $57.07. The company has a 50 day moving average of $51.64 and a 200-day moving average of $52.43. The firm has a market cap of $61.79 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 1.16 and a beta of 1.07.
Bank of Nova Scotia Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be given a dividend of $0.7415 per share. This represents a $2.97 dividend on an annualized basis and a dividend yield of 5.98%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia's dividend payout ratio (DPR) is currently 82.20%.
Institutional Investors Weigh In On Bank of Nova Scotia
A number of hedge funds have recently made changes to their positions in BNS. The Manufacturers Life Insurance Company increased its position in Bank of Nova Scotia by 17.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank's stock valued at $241,981,000 after acquiring an additional 660,097 shares in the last quarter. Intact Investment Management Inc. increased its position in Bank of Nova Scotia by 48.3% in the 3rd quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank's stock valued at $85,201,000 after acquiring an additional 509,120 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Bank of Nova Scotia by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,744,062 shares of the bank's stock valued at $204,214,000 after acquiring an additional 150,247 shares in the last quarter. Citigroup Inc. increased its position in Bank of Nova Scotia by 12.3% in the 3rd quarter. Citigroup Inc. now owns 580,664 shares of the bank's stock valued at $31,673,000 after acquiring an additional 63,528 shares in the last quarter. Finally, CIBC Asset Management Inc increased its position in Bank of Nova Scotia by 2.4% in the 3rd quarter. CIBC Asset Management Inc now owns 10,074,518 shares of the bank's stock valued at $550,729,000 after acquiring an additional 240,803 shares in the last quarter. Institutional investors and hedge funds own 49.13% of the company's stock.
About Bank of Nova Scotia
(
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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.
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