Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” 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. “
Other analysts have also issued research reports about the stock. Desjardins reiterated an “average” rating and issued a $85.00 target price on shares of Bank of Nova Scotia in a research note on Thursday. Canaccord Genuity lowered shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Wednesday, August 29th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $83.50.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, August 28th. The bank reported $1.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.39. Bank of Nova Scotia had a net margin of 21.55% and a return on equity of 14.62%. The firm had revenue of $7.18 billion during the quarter, compared to analyst estimates of $7.34 billion. During the same quarter in the prior year, the business posted $1.66 EPS. The business’s revenue was up 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of Nova Scotia will post 5.39 earnings per share for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of BNS. Advisors Asset Management Inc. grew its position in Bank of Nova Scotia by 1,995.0% during the second quarter. Advisors Asset Management Inc. now owns 19,002 shares of the bank’s stock valued at $152,000 after buying an additional 18,095 shares during the period. Zions Bancorporation bought a new position in Bank of Nova Scotia during the third quarter valued at about $160,000. BNP Paribas Arbitrage SA bought a new position in Bank of Nova Scotia during the second quarter valued at about $200,000. CAPROCK Group Inc. bought a new position in Bank of Nova Scotia during the third quarter valued at about $200,000. Finally, Capital Investment Advisors LLC bought a new position in Bank of Nova Scotia during the third quarter valued at about $206,000. Institutional investors own 46.70% 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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