BMO Capital Markets Reaffirms “Buy” Rating for Bank of Nova Scotia (BNS)

BMO Capital Markets restated their buy rating on shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in a research report sent to investors on Wednesday morning.

A number of other research analysts have also issued reports on the stock. Canaccord Genuity lowered shares of Bank of Nova Scotia from a buy rating to a hold rating in a report on Wednesday, August 29th. Zacks Investment Research upgraded shares of Bank of Nova Scotia from a sell rating to a hold rating and set a $65.00 price objective for the company in a report on Wednesday, August 8th. TD Securities reiterated a buy rating on shares of Bank of Nova Scotia in a report on Monday, November 19th. Desjardins reiterated an average rating and issued a $85.00 price objective on shares of Bank of Nova Scotia in a report on Thursday, November 8th. Finally, Barclays reiterated a buy rating on shares of Bank of Nova Scotia in a report on Tuesday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $82.40.

Shares of NYSE BNS opened at $54.38 on Wednesday. The company has a market capitalization of $67.16 billion, a P/E ratio of 10.00, a price-to-earnings-growth ratio of 1.51 and a beta of 1.25. Bank of Nova Scotia has a 1 year low of $52.09 and a 1 year high of $66.78. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.06 and a quick ratio of 1.07.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, November 27th. The bank reported $1.35 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.35. The business had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.64 billion. Bank of Nova Scotia had a net margin of 21.04% and a return on equity of 14.31%. The firm’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the business earned $1.64 EPS. Analysts forecast that Bank of Nova Scotia will post 5.68 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 29th. Shareholders of record on Wednesday, January 2nd will be given a dividend of $0.646 per share. This represents a $2.58 dividend on an annualized basis and a yield of 4.75%. The ex-dividend date is Monday, December 31st. Bank of Nova Scotia’s dividend payout ratio is presently 48.35%.

A number of large investors have recently added to or reduced their stakes in the business. Martin Capital Partners LLC increased its position in Bank of Nova Scotia by 3.3% during the 3rd quarter. Martin Capital Partners LLC now owns 29,134 shares of the bank’s stock valued at $1,737,000 after purchasing an additional 938 shares during the period. Raymond James & Associates increased its position in Bank of Nova Scotia by 1.9% during the 2nd quarter. Raymond James & Associates now owns 51,024 shares of the bank’s stock valued at $2,889,000 after purchasing an additional 951 shares during the period. Advisors Asset Management Inc. increased its position in Bank of Nova Scotia by 38.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 3,678 shares of the bank’s stock valued at $219,000 after purchasing an additional 1,014 shares during the period. Signaturefd LLC increased its position in Bank of Nova Scotia by 17.8% during the 3rd quarter. Signaturefd LLC now owns 9,161 shares of the bank’s stock valued at $546,000 after purchasing an additional 1,384 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Bank of Nova Scotia by 4.6% during the 3rd quarter. PNC Financial Services Group Inc. now owns 36,578 shares of the bank’s stock valued at $2,180,000 after purchasing an additional 1,600 shares during the period. 46.42% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various financial services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. It offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

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