Bank of Nova Scotia (NYSE:BNS) Upgraded by Canaccord Genuity Group to Buy Rating

Canaccord Genuity Group upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a hold rating to a buy rating in a report released on Tuesday morning.

A number of other analysts have also recently issued reports on BNS. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday. Finally, Cibc World Mkts upgraded Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Bank of Nova Scotia currently has an average rating of “Moderate Buy” and a consensus target price of $69.00.

Bank of Nova Scotia Trading Up 1.6 %

NYSE BNS opened at $56.12 on Tuesday. Bank of Nova Scotia has a 12 month low of $41.80 and a 12 month high of $56.17. The company has a 50-day moving average of $53.15 and a 200-day moving average of $49.25. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market cap of $69.84 billion, a P/E ratio of 13.43, a P/E/G ratio of 1.60 and a beta of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Tuesday, August 27th. The bank reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.01. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The company had revenue of $8.36 billion during the quarter, compared to the consensus estimate of $8.53 billion. During the same quarter in the prior year, the company posted $1.30 EPS. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. As a group, equities analysts predict that Bank of Nova Scotia will post 4.79 earnings per share for the current year.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Wednesday, October 2nd were issued a $0.768 dividend. This represents a $3.07 dividend on an annualized basis and a yield of 5.47%. The ex-dividend date of this dividend was Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio is presently 74.88%.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of institutional investors and hedge funds have recently bought and sold shares of BNS. Mather Group LLC. boosted its holdings in Bank of Nova Scotia by 1,388.9% in the 2nd quarter. Mather Group LLC. now owns 536 shares of the bank’s stock worth $25,000 after acquiring an additional 500 shares during the period. Blue Trust Inc. raised its position in shares of Bank of Nova Scotia by 3,127.8% in the 2nd quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock valued at $27,000 after purchasing an additional 563 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Bank of Nova Scotia by 1,588.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after purchasing an additional 810 shares in the last quarter. City State Bank acquired a new position in shares of Bank of Nova Scotia in the 3rd quarter valued at approximately $57,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Bank of Nova Scotia by 102.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,605 shares of the bank’s stock valued at $83,000 after purchasing an additional 811 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

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.