Zacks Investment Research upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a sell rating to a hold rating in a research note issued to investors on Friday morning.

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. “

A number of other brokerages also recently commented on BNS. Dundee Securities began coverage on Bank of Nova Scotia in a research note on Wednesday, September 21st. They issued a buy rating on the stock. BMO Capital Markets restated a buy rating on shares of Bank of Nova Scotia in a research note on Thursday, September 1st. Desjardins restated a buy rating and issued a $73.00 target price (up previously from $71.00) on shares of Bank of Nova Scotia in a research note on Thursday, September 1st. Canaccord Genuity restated a buy rating and issued a $75.00 target price (up previously from $73.00) on shares of Bank of Nova Scotia in a research note on Thursday, September 1st. Finally, TD Securities restated a buy rating and issued a $74.00 target price (up previously from $70.00) on shares of Bank of Nova Scotia in a research note on Wednesday, August 31st. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $68.09.

Shares of Bank of Nova Scotia (NYSE:BNS) opened at 55.25 on Friday. Bank of Nova Scotia has a 1-year low of $35.01 and a 1-year high of $55.52. The stock has a 50 day moving average price of $53.47 and a 200-day moving average price of $51.77. The stock has a market capitalization of $66.56 billion, a PE ratio of 13.21 and a beta of 1.29.

Bank of Nova Scotia (NYSE:BNS) last posted its quarterly earnings results on Tuesday, November 29th. The company reported $1.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.51 by $0.06. The business had revenue of $6.75 billion for the quarter. Bank of Nova Scotia had a return on equity of 14.55% and a net margin of 20.78%. During the same quarter in the previous year, the firm posted $1.45 EPS. On average, analysts forecast that Bank of Nova Scotia will post $4.37 earnings per share for the current year.

COPYRIGHT VIOLATION WARNING: “Bank of Nova Scotia (BNS) Rating Increased to Hold at Zacks Investment Research” was first reported by Daily Political and is the propert of of Daily Political. If you are accessing this article on another site, it was copied illegally and reposted in violation of U.S. & international trademark and copyright law. The legal version of this article can be read at http://www.dailypolitical.com/2016/12/01/bank-of-nova-scotia-bns-rating-increased-to-hold-at-zacks-investment-research.html.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 27th. Shareholders of record on Tuesday, January 3rd will be issued a dividend of $0.5485 per share. The ex-dividend date of this dividend is Thursday, December 29th. This represents a $2.19 dividend on an annualized basis and a dividend yield of 3.97%. Bank of Nova Scotia’s payout ratio is currently 51.25%.

Several institutional investors have recently made changes to their positions in BNS. LPL Financial LLC boosted its position in shares of Bank of Nova Scotia by 9.1% in the third quarter. LPL Financial LLC now owns 5,859 shares of the company’s stock worth $308,000 after buying an additional 488 shares during the last quarter. Verition Fund Management LLC purchased a new position in shares of Bank of Nova Scotia during the third quarter worth approximately $207,000. Candriam Luxembourg S.C.A. boosted its position in shares of Bank of Nova Scotia by 10.0% in the third quarter. Candriam Luxembourg S.C.A. now owns 51,333 shares of the company’s stock worth $2,715,000 after buying an additional 4,682 shares during the last quarter. Lombard Odier Asset Management Europe Ltd purchased a new position in shares of Bank of Nova Scotia during the third quarter worth approximately $1,303,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Bank of Nova Scotia by 14.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 11,985,835 shares of the company’s stock worth $634,016,000 after buying an additional 1,557,194 shares during the last quarter. 49.54% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia (Scotiabank or the Bank) is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The Company’s segments include Canadian Banking, International Banking, Global Banking and Markets (GBM), and Other.

5 Day Chart for NYSE:BNS

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

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.