Bank of Nova Scotia (BNS) Receives Consensus Rating of “Buy” from Brokerages
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) has been assigned an average recommendation of “Buy” from the eleven brokerages that are presently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $90.00.
Several equities research analysts have recently weighed in on the company. Canaccord Genuity reissued a “buy” rating and issued a $92.00 price target on shares of Bank of Nova Scotia in a research note on Tuesday, November 28th. Zacks Investment Research raised Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Wednesday, January 17th. Finally, Scotiabank reissued a “buy” rating and issued a $95.00 price target on shares of Bank of Nova Scotia in a research note on Wednesday, November 22nd.
Bank of Nova Scotia (BNS) traded down $0.35 during trading on Wednesday, reaching $60.87. The company’s stock had a trading volume of 931,925 shares, compared to its average volume of 846,094. The company has a market capitalization of $73,080.00, a P/E ratio of 11.55, a PEG ratio of 1.39 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.10. Bank of Nova Scotia has a 1 year low of $53.86 and a 1 year high of $66.78.
Bank of Nova Scotia announced that its board has approved a stock repurchase program on Monday, February 12th that allows the company to buyback shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, April 26th. Stockholders of record on Tuesday, April 3rd will be paid a $0.6454 dividend. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Monday, April 2nd. This represents a $2.58 annualized dividend and a dividend yield of 4.24%. Bank of Nova Scotia’s dividend payout ratio is presently 48.58%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BNS. Mackenzie Financial Corp grew its stake in Bank of Nova Scotia by 290.6% during the fourth quarter. Mackenzie Financial Corp now owns 26,417,366 shares of the bank’s stock worth $1,704,713,000 after purchasing an additional 19,654,899 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Bank of Nova Scotia by 24.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 10,948,602 shares of the bank’s stock worth $706,513,000 after acquiring an additional 2,177,905 shares in the last quarter. Great West Life Assurance Co. Can boosted its holdings in Bank of Nova Scotia by 7.2% in the third quarter. Great West Life Assurance Co. Can now owns 13,611,106 shares of the bank’s stock worth $873,039,000 after acquiring an additional 913,814 shares in the last quarter. AGF Investments Inc. boosted its holdings in Bank of Nova Scotia by 71.7% in the fourth quarter. AGF Investments Inc. now owns 1,361,153 shares of the bank’s stock worth $87,841,000 after acquiring an additional 568,616 shares in the last quarter. Finally, Highstreet Asset Management Inc. boosted its holdings in Bank of Nova Scotia by 86.0% in the fourth quarter. Highstreet Asset Management Inc. now owns 1,203,406 shares of the bank’s stock worth $77,661,000 after acquiring an additional 556,316 shares in the last quarter. 48.00% of the stock is owned by institutional investors and hedge funds.
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Bank of Nova Scotia 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.
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