Bank of Nova Scotia (BNS) Lowered to “Sell” at Zacks Investment Research

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, Zacks.com reports.

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. “

BNS has been the topic of a number of other research reports. Desjardins reaffirmed an “average” rating and set a $81.00 price target on shares of Bank of Nova Scotia in a research report on Wednesday, February 27th. TD Securities cut Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 26th. Finally, CIBC cut Bank of Nova Scotia from a “sector outperform” rating to a “neutral” rating in a research report on Wednesday, February 27th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $79.50.

BNS stock traded down $0.07 during midday trading on Wednesday, hitting $52.92. The company’s stock had a trading volume of 439,880 shares, compared to its average volume of 754,882. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27. Bank of Nova Scotia has a 1 year low of $48.34 and a 1 year high of $63.27. The stock has a market cap of $64.52 billion, a P/E ratio of 9.73, a P/E/G ratio of 1.90 and a beta of 1.17.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, February 26th. The bank reported $1.32 EPS for the quarter, missing analysts’ consensus estimates of $1.42 by ($0.10). Bank of Nova Scotia had a net margin of 19.86% and a return on equity of 13.93%. The firm had revenue of $7.60 billion for the quarter, compared to analysts’ expectations of $7.78 billion. During the same period in the prior year, the company earned $1.74 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, analysts forecast that Bank of Nova Scotia will post 5.52 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of BNS. Norges Bank purchased a new position in shares of Bank of Nova Scotia during the fourth quarter valued at approximately $701,072,000. Toronto Dominion Bank increased its position in shares of Bank of Nova Scotia by 18.8% during the first quarter. Toronto Dominion Bank now owns 25,880,112 shares of the bank’s stock worth $1,377,776,000 after purchasing an additional 4,102,714 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of Bank of Nova Scotia during the first quarter worth $217,341,000. Vanguard Group Inc increased its position in shares of Bank of Nova Scotia by 3.9% during the third quarter. Vanguard Group Inc now owns 32,022,181 shares of the bank’s stock worth $1,909,483,000 after purchasing an additional 1,199,502 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Bank of Nova Scotia by 138.4% during the third quarter. JPMorgan Chase & Co. now owns 1,992,717 shares of the bank’s stock worth $118,827,000 after purchasing an additional 1,156,775 shares in the last quarter. 48.80% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company 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.

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