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

UBS Group upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a neutral rating to a buy rating in a research report released on Monday, MarketBeat reports.

Several other research firms also recently commented on BNS. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $69.00.

Bank of Nova Scotia Price Performance

BNS opened at $56.29 on Monday. The firm 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 company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 1.02. The business’s 50-day moving average is $53.33 and its two-hundred day moving average is $49.34. Bank of Nova Scotia has a 1 year low of $41.80 and a 1 year 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, beating the consensus estimate of $1.62 by $0.01. Bank of Nova Scotia had a return on equity of 11.14% and a net margin of 9.84%. The firm had revenue of $8.36 billion during the quarter, compared to analyst estimates of $8.53 billion. During the same quarter in the prior year, the business posted $1.30 EPS. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. Research analysts anticipate that Bank of Nova Scotia will post 4.75 earnings per share for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

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

Institutional Investors Weigh In On Bank of Nova Scotia

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mather Group LLC. grew its position in shares of Bank of Nova Scotia by 1,388.9% during the second quarter. Mather Group LLC. now owns 536 shares of the bank’s stock worth $25,000 after acquiring an additional 500 shares during the last quarter. Blue Trust Inc. grew its position in Bank of Nova Scotia by 3,127.8% during the 2nd quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock worth $27,000 after purchasing an additional 563 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after buying an additional 810 shares during the period. City State Bank purchased a new position in shares of Bank of Nova Scotia during the third quarter worth about $57,000. Finally, EverSource Wealth Advisors LLC lifted its position in Bank of Nova Scotia by 102.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,605 shares of the bank’s stock worth $83,000 after acquiring an additional 811 shares during the period. 49.13% of the stock is currently owned by institutional investors and hedge funds.

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.