Bank of Nova Scotia (The) (NYSE:BNS) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Seven brokerages give Bank of Nova Scotia an average “Moderate Buy” rating, with a consensus 1-year price target of $117.
• Quarterly results exceeded expectations: The bank reported EPS of $1.64 versus the $1.53 consensus estimate and revenue of $7.52 billion, up 11.1% year over year.
• Dividend yield remains attractive: Scotiabank declared a quarterly dividend of $1.14, equivalent to $4.56 annually and a 4.8% yield, with a payout ratio of 58.05%.

Bank of Nova Scotia (The) (NYSE:BNS - Get Free Report) TSE: BNS has received an average rating of "Moderate Buy" from the seven ratings firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $117.00.

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods began coverage on shares of Bank of Nova Scotia in a report on Friday, August 21st. They set an "outperform" rating for the company. Weiss Ratings raised shares of Bank of Nova Scotia from a "buy (b+)" rating to a "buy (a-)" rating in a report on Tuesday, September 1st. TD Securities upgraded shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research report on Tuesday, August 25th. Royal Bank Of Canada lifted their price objective on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a "sector perform" rating in a report on Thursday, May 28th. Finally, National Bank Financial upgraded shares of Bank of Nova Scotia from a "sector perform" rating to an "outperform" rating in a research report on Wednesday, August 26th.

Bank of Nova Scotia Stock Up 0.0%

Bank of Nova Scotia stock opened at $94.11 on Friday. The firm has a market cap of $114.51 billion, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 1.06 and a beta of 1.12. Bank of Nova Scotia has a 52 week low of $62.98 and a 52 week high of $95.34. The business's 50-day moving average price is $90.20 and its 200 day moving average price is $81.91. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.53 by $0.11. Bank of Nova Scotia had a return on equity of 16.12% and a net margin of 13.91%.The company had revenue of $7.52 billion during the quarter, compared to the consensus estimate of $7.11 billion. During the same period in the previous year, the company posted $1.84 earnings per share. Bank of Nova Scotia's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of Nova Scotia will post 6.19 earnings per share for the current year.

Bank of Nova Scotia Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Tuesday, October 6th will be paid a $1.14 dividend. This represents a $4.56 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Tuesday, October 6th. Bank of Nova Scotia's payout ratio is currently 58.05%.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of hedge funds have recently bought and sold shares of the business. Maseco LLP purchased a new stake in shares of Bank of Nova Scotia in the first quarter valued at approximately $30,000. CoreCap Advisors LLC lifted its position in shares of Bank of Nova Scotia by 1,366.7% during the 2nd quarter. CoreCap Advisors LLC now owns 440 shares of the bank's stock valued at $38,000 after buying an additional 410 shares in the last quarter. Addison Advisors LLC acquired a new stake in Bank of Nova Scotia in the 2nd quarter valued at $39,000. Global Retirement Partners LLC acquired a new stake in Bank of Nova Scotia in the 2nd quarter valued at $46,000. Finally, Jones Financial Companies Lllp purchased a new stake in Bank of Nova Scotia in the 2nd quarter worth $61,000. Hedge funds and other institutional investors own 49.13% of the company's stock.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia, operating as Scotiabank, is a Canadian financial institution headquartered in Toronto, Ontario. Founded in Halifax in 1832, the bank provides banking and financial services to individuals, businesses, institutions and governments.

Scotiabank's principal activities include Canadian personal and commercial banking, international banking, global wealth management, and global banking and markets. Its products and services include deposit accounts, mortgages, consumer and commercial loans, credit cards, investment products, financial planning, asset management, foreign exchange, capital markets services and corporate banking.

The bank serves customers across Canada and maintains international operations in Mexico, Peru, Chile, the Caribbean, Central America and other selected markets.

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