Bank of Nova Scotia (BNS) Stock Rating Upgraded by Zacks Investment Research

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $61.00 price target on the bank’s stock. Zacks Investment Research‘s target price suggests a potential upside of 9.97% from the company’s previous close.

According to Zacks, “Bank of Nova Scotia is one of North America’s premier financial institutions and Canada’s most international bank. They offer a diverse range of products and services including personal, commercial, corporate and investment banking. Scotiabank has built long-term value and recorded consistent earnings growth by building on its core strengths and by executing exceptionally well in its core businesses. These include Domestic Banking, Wealth Management, International Banking and Scotia Capital. “

Separately, Canaccord Genuity lowered Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Wednesday, August 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $83.00.

Shares of NYSE BNS opened at $55.47 on Tuesday. Bank of Nova Scotia has a 12 month low of $54.57 and a 12 month high of $66.78. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.09. The stock has a market cap of $73.45 billion, a PE ratio of 10.59, a price-to-earnings-growth ratio of 1.75 and a beta of 1.27.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, August 28th. The bank reported $1.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.39. Bank of Nova Scotia had a return on equity of 14.62% and a net margin of 21.55%. The company had revenue of $7.18 billion during the quarter, compared to analyst estimates of $7.34 billion. During the same quarter in the previous year, the firm earned $1.66 earnings per share. Bank of Nova Scotia’s revenue was up 1.7% on a year-over-year basis. Sell-side analysts anticipate that Bank of Nova Scotia will post 5.42 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. CAPROCK Group Inc. purchased a new stake in Bank of Nova Scotia in the third quarter worth approximately $200,000. DORCHESTER WEALTH MANAGEMENT Co boosted its stake in Bank of Nova Scotia by 2.5% in the third quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 456,945 shares of the bank’s stock worth $27,177,000 after buying an additional 11,069 shares in the last quarter. Capital Investment Advisors LLC purchased a new stake in Bank of Nova Scotia in the third quarter worth approximately $206,000. Bank of Montreal Can boosted its stake in Bank of Nova Scotia by 8.0% in the third quarter. Bank of Montreal Can now owns 50,478,972 shares of the bank’s stock worth $3,010,061,000 after buying an additional 3,741,346 shares in the last quarter. Finally, Gradient Investments LLC boosted its stake in Bank of Nova Scotia by 5.4% in the third quarter. Gradient Investments LLC now owns 39,841 shares of the bank’s stock worth $2,376,000 after buying an additional 2,024 shares in the last quarter. 46.18% of the stock is owned by institutional investors and hedge funds.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various financial services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. It offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

Read More: Do closed-end mutual funds pay dividends?

Get a free copy of the Zacks research report on Bank of Nova Scotia (BNS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Bank of Nova Scotia (NYSE:BNS)

Receive News & Ratings for Bank of Nova Scotia Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of Nova Scotia and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply