Brokerages Set The Bank of Nova Scotia (NYSE:BNS) Price Target at $72.00

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) has earned an average recommendation of “Moderate Buy” from the nine analysts that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $72.00.

Several analysts recently weighed in on BNS shares. Royal Bank of Canada boosted their price objective on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a report on Wednesday, December 4th. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. Finally, Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock opened at $51.24 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The firm’s fifty day moving average price is $53.71 and its 200 day moving average price is $51.74. The company has a market capitalization of $63.81 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. Bank of Nova Scotia has a 12-month low of $43.67 and a 12-month high of $57.07.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were paid a $0.7535 dividend. This represents a $3.01 annualized dividend and a dividend yield of 5.88%. The ex-dividend date was Tuesday, January 7th. Bank of Nova Scotia’s payout ratio is presently 68.29%.

Institutional Investors Weigh In On Bank of Nova Scotia

Hedge funds and other institutional investors have recently bought and sold shares of the business. Toronto Dominion Bank lifted its holdings in shares of Bank of Nova Scotia by 9.6% during the 3rd quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after purchasing an additional 2,195,604 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Bank of Nova Scotia by 24.9% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock worth $640,624,000 after purchasing an additional 2,346,995 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Bank of Nova Scotia by 1.8% during the 4th quarter. CIBC Asset Management Inc now owns 10,259,279 shares of the bank’s stock worth $551,766,000 after purchasing an additional 184,761 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Bank of Nova Scotia by 10.3% in the 3rd quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock valued at $310,817,000 after buying an additional 524,496 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Bank of Nova Scotia by 260.1% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock valued at $298,575,000 after acquiring an additional 3,958,580 shares during the last quarter. 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.