Bank of Nova Scotia (The) (NYSE:BNS) Receives Average Rating of "Hold" from Brokerages

Key Points

• Bank of Nova Scotia has a consensus “Hold” rating: Three of five analysts recommend holding the stock, while two recommend buying it. The average 12-month price target is $117, above the reported $87.90 share price.
• Quarterly results exceeded expectations: Scotiabank reported EPS of $1.47 versus the $1.42 consensus estimate and revenue of $7.24 billion, up 8.3% year over year.
• The stock has risen but remains below its 52-week high: Shares were up 2.2%, with a 52-week range of $55.21 to $90.47. Institutional investors own approximately 49.13% of the company.

Bank of Nova Scotia (The) (NYSE:BNS - Get Free Report) TSE: BNS has received a consensus rating of "Hold" from the five analysts that are currently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $117.00.

Several analysts have recently weighed in on BNS shares. Royal Bank Of Canada increased their price target on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a "sector perform" rating in a research note on Thursday, May 28th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Bank of Nova Scotia in a research report on Friday, May 22nd.

Bank of Nova Scotia Stock Up 2.2%

NYSE BNS opened at $87.90 on Friday. The business's fifty day simple moving average is $84.99 and its 200-day simple moving average is $77.95. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. The firm has a market cap of $107.68 billion, a PE ratio of 16.78, a P/E/G ratio of 1.07 and a beta of 1.11. Bank of Nova Scotia has a 52 week low of $55.21 and a 52 week high of $90.47.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The firm had revenue of $7.24 billion during the quarter, compared to analyst estimates of $7.13 billion. During the same quarter in the prior year, the firm posted $1.52 earnings per share. Bank of Nova Scotia's quarterly revenue was up 8.3% on a year-over-year basis. As a group, equities analysts anticipate that Bank of Nova Scotia will post 6.01 earnings per share for the current year.

Institutional Investors Weigh In On Bank of Nova Scotia

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Maseco LLP purchased a new position in shares of Bank of Nova Scotia during the 1st quarter worth $30,000. Swiss RE Ltd. purchased a new stake in Bank of Nova Scotia in the 4th quarter valued at about $30,000. Brown Brothers Harriman & Co. purchased a new stake in Bank of Nova Scotia in the 4th quarter valued at about $34,000. Quarry LP purchased a new stake in Bank of Nova Scotia in the 3rd quarter valued at about $35,000. Finally, CoreCap Advisors LLC lifted its position in Bank of Nova Scotia by 1,366.7% in the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank's stock valued at $38,000 after buying an additional 410 shares during the last quarter. Hedge funds and other institutional investors 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.

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