Bank of Nova Scotia (NYSE:BNS) Upgraded by UBS Group to Buy Rating

UBS Group upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a neutral rating to a buy rating in a research note published on Monday, Marketbeat Ratings reports.

Other analysts have also issued reports about the company. Cibc World Mkts upgraded Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $69.00.

Bank of Nova Scotia Price Performance

Shares of NYSE:BNS opened at $55.26 on Monday. The firm has a market capitalization of $68.76 billion, a PE ratio of 13.22, a P/E/G ratio of 1.60 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $53.05 and a two-hundred day moving average price of $49.18. Bank of Nova Scotia has a twelve month low of $41.80 and a twelve month high of $55.43.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Tuesday, August 27th. The bank reported $1.63 EPS for the quarter, topping the consensus estimate of $1.62 by $0.01. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The company had revenue of $8.36 billion during the quarter, compared to the consensus estimate of $8.53 billion. During the same period last year, the firm earned $1.30 EPS. Bank of Nova Scotia’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities analysts forecast that Bank of Nova Scotia will post 4.79 EPS for the current year.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Wednesday, October 2nd were issued a $0.768 dividend. The ex-dividend date of this dividend was Wednesday, October 2nd. This represents a $3.07 annualized dividend and a dividend yield of 5.56%. Bank of Nova Scotia’s payout ratio is currently 74.88%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BNS. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in Bank of Nova Scotia by 260.1% during the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock valued at $298,575,000 after purchasing an additional 3,958,580 shares during the last quarter. Pathway Financial Advisers LLC raised its position in shares of Bank of Nova Scotia by 5,380.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock valued at $216,447,000 after buying an additional 3,899,760 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Bank of Nova Scotia during the 2nd quarter worth $120,463,000. 1832 Asset Management L.P. grew its position in Bank of Nova Scotia by 16.1% in the first quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock worth $881,082,000 after acquiring an additional 2,361,136 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Bank of Nova Scotia by 24.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock worth $640,624,000 after acquiring an additional 2,346,995 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

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.