Analysts Set The Bank of Nova Scotia (NYSE:BNS) PT at $72.00

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) has earned a consensus rating of “Moderate Buy” from the nine analysts that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $72.00.

A number of research analysts have recently weighed in on the stock. Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Royal Bank of Canada boosted their price target on Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a report on Wednesday, December 4th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. Finally, Barclays upgraded shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st.

Bank of Nova Scotia Stock Down 0.5 %

Bank of Nova Scotia stock opened at $53.39 on Thursday. The stock’s 50 day moving average price is $54.48 and its 200 day moving average price is $50.96. The company has a market cap of $66.47 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 1.26 and a beta of 1.07. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. Bank of Nova Scotia has a 1-year low of $43.67 and a 1-year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th will be issued a $0.7535 dividend. This represents a $3.01 annualized dividend and a yield of 5.65%. The ex-dividend date of this dividend is Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio is currently 72.45%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company lifted its stake in Bank of Nova Scotia by 17.5% in the third quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock valued at $241,981,000 after buying an additional 660,097 shares during the last quarter. Rathbones Group PLC increased its position in Bank of Nova Scotia by 11.8% in the 2nd quarter. Rathbones Group PLC now owns 136,337 shares of the bank’s stock valued at $6,235,000 after acquiring an additional 14,379 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Bank of Nova Scotia by 2,455.8% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,521,906 shares of the bank’s stock valued at $69,627,000 after buying an additional 1,462,360 shares in the last quarter. Intact Investment Management Inc. raised its position in shares of Bank of Nova Scotia by 48.3% during the 3rd quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock worth $85,201,000 after buying an additional 509,120 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Bank of Nova Scotia by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,744,062 shares of the bank’s stock worth $204,214,000 after acquiring an additional 150,247 shares during the period. 49.13% of the stock is owned by institutional investors and hedge funds.

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.