Bank of Nova Scotia (BNS) Receives $94.00 Average PT from Analysts

Shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have received an average recommendation of “Hold” from the ten research firms that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $94.00.

Several research firms recently weighed in on BNS. Zacks Investment Research cut shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Thursday, August 16th. Bank of America cut shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Tuesday, June 5th. National Bank Financial cut shares of Bank of Nova Scotia from an “outperform” rating to a “sector perform” rating in a report on Friday, June 8th. Desjardins restated a “buy” rating on shares of Bank of Nova Scotia in a report on Friday, June 8th. Finally, Royal Bank of Canada cut shares of Bank of Nova Scotia from an “outperform” rating to a “sector perform” rating in a report on Monday, June 11th.

Bank of Nova Scotia stock traded up $0.72 during midday trading on Wednesday, hitting $60.46. 703,100 shares of the stock were exchanged, compared to its average volume of 732,225. Bank of Nova Scotia has a 52-week low of $55.85 and a 52-week high of $66.78. The stock has a market cap of $73.63 billion, a PE ratio of 11.45, a price-to-earnings-growth ratio of 1.76 and a beta of 1.28. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, May 29th. The bank reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.04. Bank of Nova Scotia had a net margin of 22.29% and a return on equity of 14.87%. The business had revenue of $5.59 billion for the quarter, compared to analysts’ expectations of $5.37 billion. analysts predict that Bank of Nova Scotia will post 5.41 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Advisors Asset Management Inc. boosted its stake in Bank of Nova Scotia by 1,995.0% in the second quarter. Advisors Asset Management Inc. now owns 19,002 shares of the bank’s stock valued at $152,000 after acquiring an additional 18,095 shares during the last quarter. BNP Paribas Arbitrage SA purchased a new position in Bank of Nova Scotia in the second quarter valued at about $200,000. Private Advisor Group LLC purchased a new position in Bank of Nova Scotia in the second quarter valued at about $230,000. Nwam LLC boosted its stake in Bank of Nova Scotia by 38.9% in the second quarter. Nwam LLC now owns 5,235 shares of the bank’s stock valued at $300,000 after acquiring an additional 1,465 shares during the last quarter. Finally, Lucia Wealth Services LLC purchased a new position in Bank of Nova Scotia in the second quarter valued at about $334,000. Hedge funds and other institutional investors own 46.41% of the company’s stock.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various financial services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. It offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

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Analyst Recommendations for Bank of Nova Scotia (NYSE:BNS)

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