Bank of Nova Scotia (The) (NYSE:BNS) Stock Has Average Price Target of $105.50 According to Analysts

Key Points

• Analysts give Bank of Nova Scotia a “Moderate Buy” consensus, with five buy ratings, one strong-buy rating and four holds. The average 12-month price target is $105.50, above the reported share price of $90.25.
• The bank exceeded quarterly expectations, reporting adjusted earnings of $1.64 per share versus the $1.53 consensus estimate and revenue of $7.52 billion. Revenue increased 11.1% year over year.
• Scotiabank declared a quarterly dividend of C$1.14 per share, equivalent to C$4.56 annually and a 5.1% yield; institutional investors own approximately 49.13% of the stock.

Shares of Bank of Nova Scotia (The) (NYSE:BNS - Get Free Report) TSE: BNS have received an average recommendation of "Moderate Buy" from the ten analysts that are presently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $105.50.

Several research firms have commented on BNS. National Bank Financial raised shares of Bank of Nova Scotia from a "sector perform" rating to an "outperform" rating in a report on Wednesday, August 26th. Weiss Ratings upgraded Bank of Nova Scotia from a "buy (a-)" rating to a "buy (a)" rating in a research report on Thursday, October 8th. TD raised Bank of Nova Scotia to a "buy" rating in a report on Wednesday, August 26th. Keefe, Bruyette & Woods started coverage on Bank of Nova Scotia in a report on Friday, August 21st. They issued an "outperform" rating on the stock. Finally, TD Securities upgraded Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research report on Tuesday, August 25th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Contravisory Investment Management Inc. purchased a new position in shares of Bank of Nova Scotia in the third quarter valued at $317,000. Riversedge Advisors LLC increased its position in Bank of Nova Scotia by 4.6% in the third quarter. Riversedge Advisors LLC now owns 2,825 shares of the bank's stock worth $257,000 after purchasing an additional 125 shares during the last quarter. Mn Services Vermogensbeheer B.V. raised its stake in Bank of Nova Scotia by 0.9% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 362,643 shares of the bank's stock valued at $33,055,000 after purchasing an additional 3,400 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Bank of Nova Scotia by 5.9% during the third quarter. Farther Finance Advisors LLC now owns 12,823 shares of the bank's stock valued at $1,165,000 after purchasing an additional 720 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in Bank of Nova Scotia by 1.2% during the third quarter. Versant Capital Management Inc now owns 10,460 shares of the bank's stock valued at $950,000 after purchasing an additional 119 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Price Performance

Shares of NYSE:BNS opened at $90.25 on Wednesday. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a fifty day moving average price of $91.28 and a 200 day moving average price of $84.40. Bank of Nova Scotia has a fifty-two week low of $62.98 and a fifty-two week high of $95.74. The firm has a market cap of $109.82 billion, a price-to-earnings ratio of 16.33, a P/E/G ratio of 1.00 and a beta of 1.14.

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

Bank of Nova Scotia Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Tuesday, October 6th will be issued a dividend of C$1.14 per share. This represents a $4.56 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Tuesday, October 6th. Bank of Nova Scotia's dividend payout ratio is 57.87%.

About Bank of Nova Scotia

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian financial services company headquartered in Toronto, Ontario. Founded in 1832, it is one of Canada's largest banks and provides a broad range of banking and financial services to individuals, businesses, institutions and governments.

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

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

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