The Bank of Nova Scotia (NYSE:BNS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have received a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $72.00.

BNS has been the topic of several recent research reports. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Finally, Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th.

Bank of Nova Scotia Price Performance

NYSE:BNS opened at $53.72 on Thursday. Bank of Nova Scotia has a 52 week low of $43.67 and a 52 week high of $57.07. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The firm’s 50-day simple moving average is $54.42 and its 200 day simple moving average is $50.89. The firm has a market cap of $66.89 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 1.26 and a beta of 1.07.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 29th. Stockholders of record on Tuesday, January 7th will be issued a dividend of $0.7535 per share. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.61%. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 72.45%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Raymond James & Associates lifted its stake in Bank of Nova Scotia by 7.5% in the 2nd quarter. Raymond James & Associates now owns 30,964 shares of the bank’s stock valued at $1,416,000 after purchasing an additional 2,164 shares during the last quarter. Natixis Advisors LLC lifted its stake in shares of Bank of Nova Scotia by 7.1% in the 2nd quarter. Natixis Advisors LLC now owns 45,698 shares of the bank’s stock valued at $2,089,000 after acquiring an additional 3,011 shares during the last quarter. Ballentine Partners LLC boosted its holdings in shares of Bank of Nova Scotia by 7.0% during the 2nd quarter. Ballentine Partners LLC now owns 13,770 shares of the bank’s stock valued at $630,000 after acquiring an additional 902 shares in the last quarter. Triasima Portfolio Management inc. grew its position in Bank of Nova Scotia by 58.3% during the 2nd quarter. Triasima Portfolio Management inc. now owns 127,589 shares of the bank’s stock worth $5,834,000 after acquiring an additional 46,997 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new position in Bank of Nova Scotia in the 2nd quarter worth about $104,000. Institutional investors own 49.13% of the company’s stock.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.