Brokerages Set Bank of Nova Scotia (BNS) Price Target at $84.50

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) has received a consensus recommendation of “Hold” from the eleven brokerages that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $84.50.

BNS has been the topic of several recent research reports. Desjardins restated an “average” rating and set a $81.00 target price on shares of Bank of Nova Scotia in a report on Wednesday, February 27th. TD Securities cut Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Tuesday, February 26th. Zacks Investment Research cut Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Friday, February 8th. Finally, CIBC cut Bank of Nova Scotia from a “sector outperform” rating to a “neutral” rating in a report on Wednesday, February 27th.

Institutional investors have recently modified their holdings of the company. Cardinal Capital Management lifted its holdings in Bank of Nova Scotia by 0.6% in the first quarter. Cardinal Capital Management now owns 48,722 shares of the bank’s stock valued at $2,595,000 after acquiring an additional 312 shares during the last quarter. Ferguson Wellman Capital Management Inc. lifted its holdings in Bank of Nova Scotia by 1.7% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 150,769 shares of the bank’s stock valued at $8,033,000 after acquiring an additional 2,568 shares during the last quarter. Cardinal Capital Management Inc. lifted its holdings in Bank of Nova Scotia by 1.1% in the first quarter. Cardinal Capital Management Inc. now owns 974,783 shares of the bank’s stock valued at $51,892,000 after acquiring an additional 10,655 shares during the last quarter. Tibra Equities Europe Ltd acquired a new position in Bank of Nova Scotia in the first quarter valued at approximately $1,427,000. Finally, Smithbridge Asset Management Inc. DE lifted its holdings in Bank of Nova Scotia by 5.3% in the first quarter. Smithbridge Asset Management Inc. DE now owns 27,402 shares of the bank’s stock valued at $1,460,000 after acquiring an additional 1,380 shares during the last quarter. Institutional investors and hedge funds own 47.95% of the company’s stock.

NYSE:BNS traded down $0.19 during trading hours on Thursday, hitting $53.34. 470,145 shares of the stock were exchanged, compared to its average volume of 827,101. Bank of Nova Scotia has a 52-week low of $48.34 and a 52-week high of $63.27. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27. The firm has a market cap of $65.63 billion, a P/E ratio of 9.81, a price-to-earnings-growth ratio of 1.92 and a beta of 1.16.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Tuesday, February 26th. The bank reported $1.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.42 by ($0.10). Bank of Nova Scotia had a return on equity of 13.93% and a net margin of 19.86%. The firm had revenue of $7.60 billion for the quarter, compared to analysts’ expectations of $7.78 billion. During the same quarter last year, the firm posted $1.74 earnings per share. Bank of Nova Scotia’s quarterly revenue was up 7.3% on a year-over-year basis. On average, research analysts forecast that Bank of Nova Scotia will post 5.52 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Tuesday, April 2nd will be issued a dividend of $0.663 per share. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.65. This represents a $2.65 annualized dividend and a dividend yield of 4.97%. The ex-dividend date is Monday, April 1st. Bank of Nova Scotia’s payout ratio is currently 47.98%.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company 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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Analyst Recommendations for Bank of Nova Scotia (NYSE:BNS)

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