Shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) have received an average rating of “Buy” from the fifteen analysts that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $78.00.

A number of brokerages have commented on BNS. Royal Bank Of Canada increased their target price on Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, May 31st. Zacks Investment Research cut Bank of Nova Scotia (The) from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. Canaccord Genuity began coverage on Bank of Nova Scotia (The) in a report on Tuesday, July 18th. They set a “buy” rating on the stock. BidaskClub cut Bank of Nova Scotia (The) from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, National Bank Financial reiterated an “outperform overweight” rating on shares of Bank of Nova Scotia (The) in a report on Thursday, May 18th.

Hedge funds and other institutional investors have recently modified their holdings of the company. Jones Collombin Investment Counsel Inc raised its position in shares of Bank of Nova Scotia (The) by 101.9% in the first quarter. Jones Collombin Investment Counsel Inc now owns 14,465 shares of the bank’s stock valued at $845,000 after buying an additional 7,300 shares during the period. Callahan Advisors LLC purchased a new position in shares of Bank of Nova Scotia (The) during the first quarter valued at $669,000. Hennessy Advisors Inc. raised its position in shares of Bank of Nova Scotia (The) by 62.1% in the first quarter. Hennessy Advisors Inc. now owns 88,000 shares of the bank’s stock valued at $5,154,000 after buying an additional 33,700 shares during the period. AMF Pensionsforsakring AB raised its position in shares of Bank of Nova Scotia (The) by 19.4% in the first quarter. AMF Pensionsforsakring AB now owns 1,075,460 shares of the bank’s stock valued at $62,738,000 after buying an additional 174,633 shares during the period. Finally, Nikko Asset Management Americas Inc. raised its position in shares of Bank of Nova Scotia (The) by 148.6% in the first quarter. Nikko Asset Management Americas Inc. now owns 34,800 shares of the bank’s stock valued at $2,033,000 after buying an additional 20,800 shares during the period. 49.93% of the stock is currently owned by institutional investors.

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Bank of Nova Scotia (BNS) opened at 60.40 on Friday. The stock has a market cap of $72.59 billion, a P/E ratio of 12.05 and a beta of 1.26. The stock has a 50 day moving average price of $61.39 and a 200 day moving average price of $59.04. Bank of Nova Scotia has a 52-week low of $51.07 and a 52-week high of $63.07.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last announced its earnings results on Tuesday, May 30th. The bank reported $1.23 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.08. The firm had revenue of $6.58 billion for the quarter, compared to analysts’ expectations of $6.73 billion. Bank of Nova Scotia (The) had a return on equity of 14.45% and a net margin of 22.17%. Bank of Nova Scotia (The)’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.46 EPS. On average, equities research analysts forecast that Bank of Nova Scotia will post $5.11 EPS for the current year.

Bank of Nova Scotia (The) declared that its Board of Directors has authorized a share repurchase program on Tuesday, May 30th that allows the company to buyback 24,000,000 outstanding shares. This buyback authorization allows the bank to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 27th. Shareholders of record on Tuesday, July 4th were paid a dividend of $0.5635 per share. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend was Thursday, June 29th. Bank of Nova Scotia (The)’s dividend payout ratio is presently 46.97%.

Bank of Nova Scotia (The) Company Profile

The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

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

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