Bank of Nova Scotia (BNS) Receives $86.50 Consensus Target Price from Brokerages

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) has received a consensus recommendation of “Hold” from the ten analysts that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, six have issued a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $86.50.

A number of equities research analysts recently commented on BNS shares. TD Securities reaffirmed a “buy” rating on shares of Bank of Nova Scotia in a report on Monday, November 19th. Canaccord Genuity downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Wednesday, August 29th. Zacks Investment Research downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Tuesday, October 30th. Barclays reaffirmed a “buy” rating on shares of Bank of Nova Scotia in a report on Tuesday, November 27th. Finally, Desjardins reaffirmed an “average” rating and set a $85.00 target price on shares of Bank of Nova Scotia in a report on Thursday, November 8th.

NYSE BNS traded down $0.84 during trading on Friday, hitting $54.05. The company’s stock had a trading volume of 970,551 shares, compared to its average volume of 876,097. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market cap of $66.77 billion, a PE ratio of 9.94, a P/E/G ratio of 1.51 and a beta of 1.25. Bank of Nova Scotia has a fifty-two week low of $52.09 and a fifty-two week high of $66.78.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, November 27th. The bank reported $1.35 earnings per share for the quarter, hitting the consensus estimate of $1.35. The business had revenue of $7.45 billion during the quarter, compared to the consensus estimate of $7.64 billion. Bank of Nova Scotia had a return on equity of 14.31% and a net margin of 21.04%. The company’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the company earned $1.64 earnings per share. On average, sell-side analysts predict that Bank of Nova Scotia will post 5.68 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 29th. Investors of record on Wednesday, January 2nd will be given a dividend of $0.646 per share. This represents a $2.58 annualized dividend and a yield of 4.78%. The ex-dividend date is Monday, December 31st. Bank of Nova Scotia’s dividend payout ratio is currently 48.35%.

A number of hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can raised its position in Bank of Nova Scotia by 8.0% during the third quarter. Bank of Montreal Can now owns 50,478,972 shares of the bank’s stock valued at $3,010,061,000 after acquiring an additional 3,741,346 shares in the last quarter. Vanguard Group Inc. raised its position in Bank of Nova Scotia by 3.9% during the third quarter. Vanguard Group Inc. now owns 32,022,181 shares of the bank’s stock valued at $1,909,483,000 after acquiring an additional 1,199,502 shares in the last quarter. Toronto Dominion Bank raised its position in Bank of Nova Scotia by 37.5% during the second quarter. Toronto Dominion Bank now owns 20,945,499 shares of the bank’s stock valued at $1,199,742,000 after acquiring an additional 5,709,563 shares in the last quarter. Great West Life Assurance Co. Can raised its position in Bank of Nova Scotia by 0.9% during the third quarter. Great West Life Assurance Co. Can now owns 14,097,135 shares of the bank’s stock valued at $841,305,000 after acquiring an additional 119,591 shares in the last quarter. Finally, Nordea Investment Management AB purchased a new position in Bank of Nova Scotia during the third quarter valued at approximately $650,249,000. Institutional investors own 46.42% 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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