Bank of Nova Scotia (NYSE:BNS) Rating Increased to Equal Weight at Barclays

Barclays upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from an underweight rating to an equal weight rating in a research note released on Thursday, Marketbeat Ratings reports.

Other equities research analysts have also issued reports about the stock. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $69.00.

Bank of Nova Scotia Stock Performance

Shares of BNS stock opened at $56.22 on Thursday. The company’s fifty day simple moving average is $53.33 and its 200-day simple moving average is $49.34. Bank of Nova Scotia has a 52 week low of $41.80 and a 52 week high of $56.71. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The company has a market cap of $69.96 billion, a PE ratio of 13.47, a P/E/G ratio of 1.67 and a beta of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results 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 business had revenue of $8.36 billion for the quarter, compared to the consensus estimate of $8.53 billion. During the same quarter last year, the firm posted $1.30 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of Nova Scotia will post 4.75 EPS for the current year.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Wednesday, October 2nd were issued a dividend of $0.768 per share. This represents a $3.07 annualized dividend and a yield of 5.46%. The ex-dividend date of this dividend was Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio is currently 74.88%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BNS. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Bank of Nova Scotia by 260.1% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock worth $298,575,000 after acquiring an additional 3,958,580 shares in the last quarter. Pathway Financial Advisers LLC boosted its holdings in shares of Bank of Nova Scotia by 5,380.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock valued at $216,447,000 after buying an additional 3,899,760 shares during the period. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Bank of Nova Scotia in the 2nd quarter valued at about $120,463,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Bank of Nova Scotia by 24.9% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock valued at $640,624,000 after buying an additional 2,346,995 shares during the period. Finally, Toronto Dominion Bank boosted its holdings in shares of Bank of Nova Scotia by 9.6% in the 3rd quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after buying an additional 2,195,604 shares during the period. 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.