Bank of Nova Scotia (TSE:BNS) Lowered to Neutral Rating by CIBC

CIBC lowered shares of Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) from an outperform rating to a neutral rating in a report released on Tuesday,BayStreet.CA reports. CIBC currently has C$81.00 price target on the bank’s stock, down from their previous price target of C$84.00.

Several other brokerages have also recently issued reports on BNS. Accountability Research set a C$82.00 price objective on Bank of Nova Scotia and gave the stock a “buy” rating in a research note on Thursday, January 9th. Barclays raised Bank of Nova Scotia from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 21st. BMO Capital Markets lifted their price objective on Bank of Nova Scotia from C$72.00 to C$84.00 in a report on Monday, November 18th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating and upped their price objective for the stock from C$71.00 to C$84.00 in a research note on Tuesday, November 19th. Finally, TD Securities cut their target price on shares of Bank of Nova Scotia from C$82.00 to C$81.00 and set a “buy” rating on the stock in a research report on Wednesday, December 4th. Nine research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of C$78.33.

Bank of Nova Scotia Price Performance

Shares of BNS stock opened at C$72.48 on Tuesday. The company has a market capitalization of C$88.82 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.33 and a beta of 0.97. The company’s 50-day simple moving average is C$74.85 and its two-hundred day simple moving average is C$72.65. Bank of Nova Scotia has a one year low of C$60.68 and a one year high of C$80.14.

Bank of Nova Scotia Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were given a dividend of $1.06 per share. The ex-dividend date was Tuesday, January 7th. This represents a $4.24 dividend on an annualized basis and a yield of 5.85%. Bank of Nova Scotia’s payout ratio is 67.00%.

Bank of Nova Scotia Company Profile

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.