Barclays Reaffirms Average Rating for Bank of Nova Scotia (BNS)
Barclays reaffirmed their average rating on shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in a research note published on Friday morning. Barclays currently has a $85.00 target price on the bank’s stock.
Other equities research analysts also recently issued reports about the stock. Desjardins restated an average rating and set a $85.00 price objective on shares of Bank of Nova Scotia in a research report on Thursday, November 8th. Zacks Investment Research upgraded shares of Bank of Nova Scotia from a hold rating to a buy rating and set a $61.00 price objective for the company in a research report on Tuesday, October 16th. Finally, Canaccord Genuity downgraded shares of Bank of Nova Scotia from a buy rating to a hold rating in a research report on Wednesday, August 29th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $83.80.
Shares of BNS stock opened at $53.91 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $66.19 billion, a price-to-earnings ratio of 10.29, a P/E/G ratio of 1.50 and a beta of 1.25. Bank of Nova Scotia has a 12-month low of $52.63 and a 12-month high of $66.78.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 29th. Stockholders of record on Tuesday, October 2nd were given a $0.6539 dividend. This represents a $2.62 dividend on an annualized basis and a dividend yield of 4.85%. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.64. The ex-dividend date was Monday, October 1st. Bank of Nova Scotia’s payout ratio is presently 50.19%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BNS. Advisors Asset Management Inc. raised its position in shares of Bank of Nova Scotia by 193.7% in the second quarter. Advisors Asset Management Inc. now owns 2,664 shares of the bank’s stock valued at $152,000 after buying an additional 1,757 shares in the last quarter. Zions Bancorporation acquired a new stake in shares of Bank of Nova Scotia in the third quarter valued at approximately $160,000. Glassman Wealth Services acquired a new stake in shares of Bank of Nova Scotia in the third quarter valued at approximately $169,000. BNP Paribas Arbitrage SA acquired a new stake in shares of Bank of Nova Scotia in the second quarter valued at approximately $200,000. Finally, CAPROCK Group Inc. acquired a new stake in shares of Bank of Nova Scotia in the third quarter valued at approximately $200,000. Institutional investors own 46.42% of the company’s stock.
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.
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