Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) – Stock analysts at Cormark boosted their Q1 2019 earnings estimates for Bank of Nova Scotia in a research report issued on Tuesday. Cormark analyst M. Grauman now forecasts that the bank will post earnings of $1.41 per share for the quarter, up from their prior forecast of $1.38. Cormark also issued estimates for Bank of Nova Scotia’s Q2 2019 earnings at $1.42 EPS, Q3 2019 earnings at $1.51 EPS and Q4 2019 earnings at $1.52 EPS.
Several other research analysts have also issued reports on BNS. BidaskClub lowered Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. Canaccord Genuity reiterated a “buy” rating and issued a $93.00 price target on shares of Bank of Nova Scotia in a report on Tuesday. Scotiabank reiterated a “buy” rating and issued a $95.00 price target on shares of Bank of Nova Scotia in a report on Wednesday, November 22nd. Citigroup upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Wednesday, September 20th. Finally, Macquarie initiated coverage on Bank of Nova Scotia in a report on Tuesday, October 24th. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $85.80.
Several institutional investors have recently modified their holdings of BNS. Arrowstreet Capital Limited Partnership raised its stake in shares of Bank of Nova Scotia by 481.6% in the second quarter. Arrowstreet Capital Limited Partnership now owns 6,001,634 shares of the bank’s stock worth $360,796,000 after purchasing an additional 4,969,752 shares during the last quarter. Public Sector Pension investment Board raised its stake in shares of Bank of Nova Scotia by 13,160.8% in the second quarter. Public Sector Pension investment Board now owns 2,380,451 shares of the bank’s stock worth $142,988,000 after purchasing an additional 2,362,500 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Bank of Nova Scotia by 787.4% in the second quarter. Canada Pension Plan Investment Board now owns 2,312,474 shares of the bank’s stock worth $138,905,000 after purchasing an additional 2,051,874 shares during the last quarter. Principal Financial Group Inc. purchased a new stake in shares of Bank of Nova Scotia in the second quarter worth approximately $117,297,000. Finally, Vanguard Group Inc. raised its stake in shares of Bank of Nova Scotia by 4.3% in the second quarter. Vanguard Group Inc. now owns 26,994,461 shares of the bank’s stock worth $1,623,177,000 after purchasing an additional 1,105,865 shares during the last quarter. 47.01% of the stock is owned by hedge funds and other institutional investors.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 29th. Stockholders of record on Tuesday, January 2nd will be paid a $0.617 dividend. This represents a $2.47 annualized dividend and a dividend yield of 3.83%. The ex-dividend date is Friday, December 29th. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 48.52%.
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About Bank of Nova Scotia
The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
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