Bank of Nova Scotia (NYSE:BNS) Downgraded to Hold Rating by Cibc World Mkts

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was downgraded by investment analysts at Cibc World Mkts from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

BNS has been the topic of a number of other reports. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Royal Bank of Canada raised their target price on Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $72.00.

Bank of Nova Scotia Stock Down 0.4 %

Shares of NYSE BNS opened at $50.84 on Tuesday. Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07. The firm’s 50-day moving average is $52.22 and its 200-day moving average is $52.20. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $63.32 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 1.16 and a beta of 1.07.

Institutional Investors Weigh In On Bank of Nova Scotia

A number of hedge funds have recently modified their holdings of BNS. Vise Technologies Inc. increased its stake in Bank of Nova Scotia by 7.3% during the 4th quarter. Vise Technologies Inc. now owns 17,905 shares of the bank’s stock worth $962,000 after purchasing an additional 1,214 shares in the last quarter. Retirement Planning Group LLC boosted its holdings in shares of Bank of Nova Scotia by 6.8% in the fourth quarter. Retirement Planning Group LLC now owns 13,918 shares of the bank’s stock valued at $748,000 after buying an additional 881 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in shares of Bank of Nova Scotia during the fourth quarter worth $96,529,000. Vident Advisory LLC raised its holdings in shares of Bank of Nova Scotia by 8.3% during the fourth quarter. Vident Advisory LLC now owns 4,648 shares of the bank’s stock worth $250,000 after acquiring an additional 358 shares during the period. Finally, Twinbeech Capital LP bought a new stake in Bank of Nova Scotia in the 4th quarter valued at $520,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

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.