The Bank of Nova Scotia (NYSE:BNS) Given Consensus Recommendation of “Reduce” by Analysts

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have been assigned an average rating of “Reduce” from the five ratings firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation and four have assigned a hold recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $68.00.

BNS has been the subject of a number of recent analyst reports. UBS Group began coverage on shares of Bank of Nova Scotia in a report on Tuesday. They set a “neutral” rating for the company. StockNews.com cut Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Finally, Barclays started coverage on Bank of Nova Scotia in a research report on Wednesday, March 20th. They issued an “underweight” rating and a $70.00 target price on the stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Bank of Nova Scotia by 1.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,432 shares of the bank’s stock valued at $799,000 after buying an additional 219 shares during the period. Power Corp of Canada lifted its position in shares of Bank of Nova Scotia by 1.9% during the fourth quarter. Power Corp of Canada now owns 12,037 shares of the bank’s stock worth $587,000 after purchasing an additional 226 shares in the last quarter. Bruce G. Allen Investments LLC lifted its position in shares of Bank of Nova Scotia by 70.6% during the first quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock worth $30,000 after purchasing an additional 242 shares in the last quarter. Metis Global Partners LLC boosted its stake in shares of Bank of Nova Scotia by 0.4% in the fourth quarter. Metis Global Partners LLC now owns 59,065 shares of the bank’s stock valued at $2,875,000 after purchasing an additional 258 shares during the period. Finally, Pacifica Partners Inc. grew its holdings in shares of Bank of Nova Scotia by 1.5% in the fourth quarter. Pacifica Partners Inc. now owns 19,185 shares of the bank’s stock valued at $851,000 after purchasing an additional 285 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia Stock Down 0.6 %

Shares of BNS opened at $45.46 on Tuesday. Bank of Nova Scotia has a 52-week low of $39.79 and a 52-week high of $51.98. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.57. The stock has a fifty day simple moving average of $46.96 and a two-hundred day simple moving average of $47.67. The company has a market capitalization of $55.90 billion, a PE ratio of 10.24, a price-to-earnings-growth ratio of 1.69 and a beta of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, May 28th. The bank reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.02. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. The firm had revenue of $6.15 billion during the quarter, compared to analyst estimates of $6.10 billion. As a group, equities analysts forecast that Bank of Nova Scotia will post 4.82 EPS for the current year.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Wednesday, July 3rd will be given a dividend of $0.769 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $3.08 dividend on an annualized basis and a dividend yield of 6.77%. Bank of Nova Scotia’s payout ratio is currently 70.72%.

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.