Bank of Nova Scotia (BNS) Downgraded by Zacks Investment Research to Sell

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Zacks Investment Research cut shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a hold rating to a sell rating in a report issued on Friday.

According to Zacks, “Bank of Nova Scotia is one of North America’s premier financial institutions and Canada’s most international bank. They offer a diverse range of products and services including personal, commercial, corporate and investment banking. Scotiabank has built long-term value and recorded consistent earnings growth by building on its core strengths and by executing exceptionally well in its core businesses. These include Domestic Banking, Wealth Management, International Banking and Scotia Capital. “

Several other research firms have also issued reports on BNS. Desjardins restated an average rating and issued a $85.00 price target on shares of Bank of Nova Scotia in a research report on Thursday. Canaccord Genuity lowered shares of Bank of Nova Scotia from a buy rating to a hold rating in a research note on Wednesday, August 29th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $83.50.

Bank of Nova Scotia stock traded down $0.69 during mid-day trading on Friday, hitting $53.59. The company’s stock had a trading volume of 1,004,960 shares, compared to its average volume of 873,436. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $66.50 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 1.51 and a beta of 1.25. Bank of Nova Scotia has a twelve month low of $52.63 and a twelve month high of $66.78.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, August 28th. The bank reported $1.76 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.39. The firm had revenue of $7.18 billion for the quarter, compared to analyst estimates of $7.34 billion. Bank of Nova Scotia had a net margin of 21.55% and a return on equity of 14.62%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.66 earnings per share. As a group, equities analysts predict that Bank of Nova Scotia will post 5.39 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, October 29th. Investors of record on Tuesday, October 2nd were paid a $0.6539 dividend. The ex-dividend date was Monday, October 1st. This represents a $2.62 dividend on an annualized basis and a yield of 4.88%. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.64. Bank of Nova Scotia’s payout ratio is presently 50.19%.

A number of hedge funds and other institutional investors have recently bought and sold shares of BNS. Advisors Asset Management Inc. increased its stake in Bank of Nova Scotia by 1,995.0% in the second quarter. Advisors Asset Management Inc. now owns 19,002 shares of the bank’s stock valued at $152,000 after acquiring an additional 18,095 shares during the period. Zions Bancorporation bought a new stake in Bank of Nova Scotia in the third quarter valued at about $160,000. BNP Paribas Arbitrage SA bought a new stake in Bank of Nova Scotia in the second quarter valued at about $200,000. CAPROCK Group Inc. bought a new stake in Bank of Nova Scotia in the third quarter valued at about $200,000. Finally, Capital Investment Advisors LLC bought a new stake in Bank of Nova Scotia in the third quarter valued at about $206,000. 46.70% of the stock is currently owned by institutional investors and hedge funds.

About Bank of Nova Scotia

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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