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

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was upgraded by analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

BNS has been the topic of several other research reports. Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday. TD Securities upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday. Cibc World Mkts upgraded shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Finally, UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $69.00.

Bank of Nova Scotia Stock Performance

Shares of Bank of Nova Scotia stock opened at $56.30 on Tuesday. The business has a 50-day simple moving average of $53.24 and a 200-day simple moving average of $49.29. The company has a market cap of $70.06 billion, a PE ratio of 13.47, a P/E/G ratio of 1.60 and a beta of 1.05. Bank of Nova Scotia has a one year low of $41.80 and a one year high of $56.44. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced 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. The company had revenue of $8.36 billion for the quarter, compared to the consensus estimate of $8.53 billion. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.30 EPS. On average, equities research analysts forecast that Bank of Nova Scotia will post 4.79 EPS for the current fiscal year.

Institutional Investors Weigh In On Bank of Nova Scotia

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

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.