Bank of Nova Scotia (NYSE:BNS) Upgraded to Buy at Bank of America

Bank of America upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a neutral rating to a buy rating in a report published on Tuesday, Marketbeat.com reports.

Other analysts also recently issued research reports about the company. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 20th. Finally, UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.00.

Bank of Nova Scotia Price Performance

BNS opened at $56.29 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $70.05 billion, a PE ratio of 13.47, a price-to-earnings-growth ratio of 1.67 and a beta of 1.05. The stock’s 50 day moving average price is $53.33 and its 200-day moving average price is $49.34. Bank of Nova Scotia has a 52-week low of $41.80 and a 52-week high of $56.71.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued 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 business had revenue of $8.36 billion during the quarter, compared to analyst estimates of $8.53 billion. During the same period in the prior year, the business earned $1.30 EPS. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities research analysts predict that Bank of Nova Scotia will post 4.75 EPS for the current year.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd were issued a $0.768 dividend. This represents a $3.07 annualized dividend and a dividend yield of 5.46%. The ex-dividend date of this dividend was Wednesday, October 2nd. Bank of Nova Scotia’s payout ratio is currently 74.88%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Toronto Dominion Bank lifted its stake in shares of Bank of Nova Scotia by 9.6% in the 3rd quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock worth $1,361,752,000 after purchasing an additional 2,195,604 shares during the period. Geode Capital Management LLC increased its holdings in Bank of Nova Scotia by 10.3% during the third quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock valued at $310,817,000 after buying an additional 524,496 shares during the last quarter. Executive Wealth Management LLC bought a new position in Bank of Nova Scotia in the third quarter worth approximately $619,000. Abel Hall LLC purchased a new position in shares of Bank of Nova Scotia during the 3rd quarter worth $218,000. Finally, Barclays PLC grew its position in shares of Bank of Nova Scotia by 27.5% during the 3rd quarter. Barclays PLC now owns 214,957 shares of the bank’s stock valued at $11,712,000 after acquiring an additional 46,421 shares during the period. 49.13% of the stock is owned by hedge funds and other institutional investors.

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.