Bank of Nova Scotia (TSE:BNS) Downgraded by Bank of America to “Neutral”

Bank of America lowered shares of Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) from a buy rating to a neutral rating in a research note published on Monday morning,BayStreet.CA reports. They currently have C$70.00 price objective on the bank’s stock, down from their prior price objective of C$82.00.

Other equities analysts have also issued reports about the stock. TD Securities set a C$81.00 price target on shares of Bank of Nova Scotia and gave the company a “buy” rating in a research note on Tuesday, March 4th. Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Jefferies Financial Group dropped their price target on Bank of Nova Scotia from C$81.00 to C$77.00 in a research note on Tuesday, February 18th. Accountability Research set a C$82.00 target price on shares of Bank of Nova Scotia and gave the stock a “buy” rating in a research report on Thursday, January 9th. Finally, Royal Bank of Canada decreased their price target on shares of Bank of Nova Scotia from C$83.00 to C$81.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Nine investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Bank of Nova Scotia presently has a consensus rating of “Hold” and an average price target of C$76.73.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock opened at C$68.23 on Monday. The stock’s fifty day moving average is C$71.42 and its two-hundred day moving average is C$73.68. The stock has a market cap of C$83.61 billion, a PE ratio of 10.78, a P/E/G ratio of 1.33 and a beta of 0.97. Bank of Nova Scotia has a 1-year low of C$60.68 and a 1-year high of C$80.14.

Bank of Nova Scotia Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Monday, April 28th will be given a dividend of $1.06 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $4.24 annualized dividend and a yield of 6.21%. Bank of Nova Scotia’s payout ratio is currently 67.00%.

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.