Brokerages Set Bank of Nova Scotia (The) (NYSE:BNS) PT at $97.00

Shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) have earned a consensus rating of “Hold” from the six research firms that are presently covering the firm, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $97.00.

Several equities research analysts have recently commented on BNS shares. Raymond James Financial assumed coverage on shares of Bank of Nova Scotia in a research note on Tuesday, November 25th. They set an “outperform” rating for the company. Wall Street Zen upgraded Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research report on Saturday, August 30th. Weiss Ratings reissued a “hold (c+)” rating on shares of Bank of Nova Scotia in a research report on Monday, December 15th. Finally, Royal Bank Of Canada lifted their price objective on shares of Bank of Nova Scotia from $86.00 to $97.00 and gave the company a “sector perform” rating in a research note on Wednesday, December 3rd.

Bank of Nova Scotia Price Performance

Shares of NYSE BNS opened at $72.58 on Thursday. Bank of Nova Scotia has a fifty-two week low of $44.09 and a fifty-two week high of $73.38. The company has a market cap of $89.70 billion, a PE ratio of 18.05, a P/E/G ratio of 0.95 and a beta of 1.13. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.04 and a current ratio of 1.04. The business has a 50-day simple moving average of $67.76 and a two-hundred day simple moving average of $61.71.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, December 2nd. The bank reported $1.39 EPS for the quarter, beating the consensus estimate of $1.33 by $0.06. The firm had revenue of $6.99 billion during the quarter, compared to analyst estimates of $6.85 billion. Bank of Nova Scotia had a net margin of 10.60% and a return on equity of 12.10%. Bank of Nova Scotia’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the firm posted $1.57 EPS. As a group, equities analysts expect that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Bank of Nova Scotia Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Shareholders of record on Tuesday, January 6th will be given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 6.1%. The ex-dividend date of this dividend is Tuesday, January 6th. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 78.61%.

Hedge Funds Weigh In On Bank of Nova Scotia

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mondrian Investment Partners LTD acquired a new stake in Bank of Nova Scotia during the third quarter worth about $30,000. Cypress Capital Management LLC WY acquired a new stake in shares of Bank of Nova Scotia during the 2nd quarter worth approximately $33,000. Quarry LP acquired a new stake in shares of Bank of Nova Scotia during the 3rd quarter worth approximately $35,000. Virtus Advisers LLC purchased a new position in shares of Bank of Nova Scotia during the 3rd quarter valued at approximately $39,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of Bank of Nova Scotia in the 3rd quarter valued at $45,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

About Bank of Nova Scotia

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.