The Bank of Nova Scotia (NYSE:BNS) Given Consensus Rating of "Moderate Buy" by Brokerages

The Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS has been assigned a consensus recommendation of "Moderate Buy" from the nine analysts that are currently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $72.00.

A number of brokerages recently issued reports on BNS. UBS Group upgraded shares of Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a report on Monday, November 18th. 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. Canaccord Genuity Group upgraded Bank of Nova Scotia from a "hold" 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 stock a "sector perform" rating in a research report on Wednesday, December 4th. Finally, Cibc World Mkts upgraded Bank of Nova Scotia from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 20th.

Bank of Nova Scotia Price Performance

Shares of NYSE:BNS traded down $0.08 during trading on Thursday, hitting $53.64. 2,164,490 shares of the company were exchanged, compared to its average volume of 1,698,116. 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 1-year low of $43.67 and a 1-year high of $57.07. The company has a market capitalization of $66.79 billion, a P/E ratio of 12.42, a price-to-earnings-growth ratio of 1.26 and a beta of 1.07. The business's 50 day moving average is $54.44 and its 200-day moving average is $50.91.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 29th. Stockholders of record on Tuesday, January 7th will be paid a $0.7535 dividend. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 annualized dividend and a dividend yield of 5.62%. Bank of Nova Scotia's dividend payout ratio is presently 72.45%.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of institutional investors have recently modified their holdings of the company. Sigma Planning Corp boosted its stake in Bank of Nova Scotia by 1.9% during the 3rd quarter. Sigma Planning Corp now owns 11,089 shares of the bank's stock valued at $604,000 after purchasing an additional 210 shares during the last quarter. Signaturefd LLC boosted its position in shares of Bank of Nova Scotia by 1.2% during the third quarter. Signaturefd LLC now owns 18,470 shares of the bank's stock valued at $1,006,000 after buying an additional 216 shares during the last quarter. Addison Advisors LLC grew its holdings in Bank of Nova Scotia by 7.3% during the third quarter. Addison Advisors LLC now owns 3,357 shares of the bank's stock worth $183,000 after buying an additional 227 shares in the last quarter. Farther Finance Advisors LLC raised its position in Bank of Nova Scotia by 11.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,713 shares of the bank's stock valued at $148,000 after buying an additional 288 shares during the last quarter. Finally, Pinnacle Associates Ltd. lifted its stake in Bank of Nova Scotia by 1.1% during the 3rd quarter. Pinnacle Associates Ltd. now owns 27,800 shares of the bank's stock valued at $1,515,000 after acquiring an additional 300 shares in the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.

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.