Shares of Scotiabank (NYSE:BNS) (TSE:BNS) have earned a consensus recommendation of “Buy” from the ten brokerages that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $90.00.
Several analysts recently commented on the company. Canaccord Genuity reiterated a “buy” rating and set a $93.00 price target on shares of Scotiabank in a research report on Tuesday, December 5th. Zacks Investment Research upgraded Scotiabank from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research report on Tuesday, February 6th.
Shares of BNS traded up $0.97 during trading hours on Friday, hitting $61.70. 1,032,574 shares of the stock were exchanged, compared to its average volume of 797,532. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.05 and a current ratio of 1.05. Scotiabank has a 12-month low of $53.86 and a 12-month high of $66.78. The stock has a market capitalization of $73,916.60, a price-to-earnings ratio of 11.77, a PEG ratio of 1.40 and a beta of 1.27.
Scotiabank announced that its Board of Directors has approved a stock buyback program on Monday, February 12th that permits the company to buyback shares. This buyback authorization permits the bank to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 26th. Investors of record on Tuesday, April 3rd will be given a dividend of $0.6454 per share. This represents a $2.58 annualized dividend and a dividend yield of 4.18%. This is a boost from Scotiabank’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Monday, April 2nd. Scotiabank’s payout ratio is presently 48.85%.
Large investors have recently modified their holdings of the business. Merit Financial Group LLC purchased a new stake in Scotiabank in the 4th quarter valued at $347,000. Nomura Asset Management Co. Ltd. grew its holdings in Scotiabank by 20.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 9,413 shares of the bank’s stock valued at $604,000 after buying an additional 1,600 shares in the last quarter. Callahan Advisors LLC grew its holdings in shares of Scotiabank by 6.5% during the 4th quarter. Callahan Advisors LLC now owns 13,371 shares of the bank’s stock worth $863,000 after purchasing an additional 811 shares during the period. Hillsdale Investment Management Inc. grew its holdings in shares of Scotiabank by 3.7% during the 3rd quarter. Hillsdale Investment Management Inc. now owns 254,750 shares of the bank’s stock worth $16,385,000 after purchasing an additional 9,190 shares during the period. Finally, Advisor Partners LLC grew its holdings in shares of Scotiabank by 60.0% during the 4th quarter. Advisor Partners LLC now owns 6,065 shares of the bank’s stock worth $398,000 after purchasing an additional 2,274 shares during the period. Institutional investors own 47.45% of the company’s stock.
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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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