Analysts Set The Bank of Nova Scotia (NYSE:BNS) Price Target at $75.50

Shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have been given an average recommendation of “Moderate Buy” by the nine ratings firms that are presently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $81.00.

Several research firms have commented on BNS. Barclays upgraded shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Cibc World Mkts cut shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada dropped their target price on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of institutional investors have recently added to or reduced their stakes in the stock. Murphy & Mullick Capital Management Corp bought a new stake in Bank of Nova Scotia during the 4th quarter worth approximately $25,000. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Bank of Nova Scotia in the 4th quarter valued at $31,000. Allworth Financial LP boosted its stake in shares of Bank of Nova Scotia by 121.1% in the 4th quarter. Allworth Financial LP now owns 639 shares of the bank’s stock valued at $33,000 after purchasing an additional 350 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Bank of Nova Scotia by 1,588.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after purchasing an additional 810 shares during the last quarter. Finally, Fortitude Family Office LLC bought a new stake in shares of Bank of Nova Scotia in the 4th quarter valued at $73,000. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia Price Performance

Shares of BNS opened at $48.07 on Tuesday. Bank of Nova Scotia has a 1-year low of $43.68 and a 1-year high of $57.07. The company has a market cap of $59.88 billion, a price-to-earnings ratio of 11.13, a PEG ratio of 1.16 and a beta of 1.11. The company’s fifty day simple moving average is $50.21 and its 200 day simple moving average is $52.41. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be given a dividend of $0.7415 per share. This represents a $2.97 dividend on an annualized basis and a yield of 6.17%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio is 82.77%.

Bank of Nova Scotia Company Profile

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.