Todays Report: Today, Bank of Nova Scotia (BNS) Stock Rating Upgrade by The Zacks Investment Research

Today, Bank of Nova Scotia (BNS) Stock Rating Upgrade by The Zacks Investment Research

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

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 research firms have also recently commented on BNS. Credit Suisse Group AG reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Monday, November 14th. Barclays PLC reiterated an “equal weight” rating and issued a $60.00 price target (up from $55.00) on shares of Bank of Nova Scotia in a research note on Sunday, August 21st. Dundee Securities began coverage on Bank of Nova Scotia in a research note on Wednesday, September 21st. They issued a “buy” rating for the company. Bank of America Corp. began coverage on Bank of Nova Scotia in a research note on Tuesday, November 1st. They issued a “buy” rating for the company. Finally, Royal Bank Of Canada increased their price target on Bank of Nova Scotia from $72.00 to $77.00 and gave the company an “outperform” rating in a research note on Wednesday, August 31st. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $68.09.

Bank of Nova Scotia (NYSE:BNS) traded up 0.22% on Friday, hitting $53.94. The stock had a trading volume of 197,858 shares. The stock has a market cap of $64.99 billion, a P/E ratio of 12.82 and a beta of 1.29. Bank of Nova Scotia has a 12 month low of $35.01 and a 12 month high of $55.14. The company’s 50 day moving average is $53.32 and its 200-day moving average is $51.60.

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 27th. Shareholders of record on Tuesday, October 4th were given a dividend of $0.5724 per share. The ex-dividend date of this dividend was Friday, September 30th. This represents a $2.29 dividend on an annualized basis and a yield of 4.25%. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.55. Bank of Nova Scotia’s dividend payout ratio is currently 52.45%.

A number of institutional investors have recently modified their holdings of BNS. Advisor Group Inc. acquired a new position in shares of Bank of Nova Scotia during the second quarter worth about $120,000. Glenmede Trust Co. NA increased its position in shares of Bank of Nova Scotia by 2.1% in the second quarter. Glenmede Trust Co. NA now owns 3,553 shares of the company’s stock worth $173,000 after buying an additional 74 shares in the last quarter. Signaturefd LLC increased its position in shares of Bank of Nova Scotia by 29.2% in the second quarter. Signaturefd LLC now owns 3,555 shares of the company’s stock worth $174,000 after buying an additional 803 shares in the last quarter. Cambridge Trust Co. acquired a new position in shares of Bank of Nova Scotia during the third quarter worth about $201,000. Finally, Verition Fund Management LLC acquired a new position in shares of Bank of Nova Scotia during the third quarter worth about $207,000. Institutional investors own 49.74% of the company’s stock.

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.

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