Bank of Nova Scotia (NYSE:BNS) Raised to Buy at TD Securities

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was upgraded by stock analysts at TD Securities from a “hold” rating to a “buy” rating in a research report issued on Tuesday.

Several other brokerages have also recently issued reports on BNS. Keefe, Bruyette & Woods began coverage on shares of Bank of Nova Scotia in a report on Friday. They issued an “outperform” rating on the stock. Royal Bank Of Canada lifted their price target on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a report on Thursday, May 28th. Finally, Weiss Ratings lowered Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, August 18th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $117.00.

Bank of Nova Scotia Stock Performance

BNS traded up $5.62 during midday trading on Tuesday, reaching $92.48. The company had a trading volume of 1,976,100 shares, compared to its average volume of 2,386,451. Bank of Nova Scotia has a 12-month low of $58.77 and a 12-month high of $92.04. The business has a 50-day moving average price of $87.62 and a two-hundred day moving average price of $79.69. The stock has a market cap of $112.71 billion, a PE ratio of 17.64, a P/E/G ratio of 1.08 and a beta of 1.11. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.05. The company had revenue of $7.24 billion for the quarter, compared to analyst estimates of $7.13 billion. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.52 EPS. On average, sell-side analysts expect that Bank of Nova Scotia will post 6.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bank of Nova Scotia

Several large investors have recently modified their holdings of BNS. Maseco LLP purchased a new stake in shares of Bank of Nova Scotia in the 1st quarter worth approximately $30,000. Swiss RE Ltd. purchased a new stake in Bank of Nova Scotia during the fourth quarter worth $30,000. Brown Brothers Harriman & Co. bought a new stake in Bank of Nova Scotia during the 4th quarter valued at $34,000. Quarry LP purchased a new position in shares of Bank of Nova Scotia in the 3rd quarter valued at $35,000. Finally, CoreCap Advisors LLC raised its position in shares of Bank of Nova Scotia by 1,366.7% in the 2nd quarter. CoreCap Advisors LLC now owns 440 shares of the bank’s stock worth $38,000 after acquiring an additional 410 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Key Headlines Impacting Bank of Nova Scotia

Here are the key news stories impacting Bank of Nova Scotia this week:

• Positive Sentiment: Quarterly profit beat expectations. Scotiabank reported approximately $2.95 billion in third-quarter profit, up from $2.53 billion a year earlier. Adjusted earnings per share reached $2.28, ahead of analysts’ estimate of about $2.10. A separate reported figure showed EPS of $1.64 versus consensus of $1.53, reflecting differences between adjusted and reported measures. Scotiabank posts record quarter as capital markets surge lifts profit past estimates
• Positive Sentiment: Capital markets provided a major earnings boost. Elevated market volatility supported stronger-than-expected trading and investment-banking activity, helping the global banking and markets division deliver a record result. Bank of Nova Scotia beats profit estimates boosted by capital markets and business performance
• Positive Sentiment: Growth was broad-based. Wealth management also posted a record result, while the bank said all major business lines contributed to the earnings improvement. Revenue increased 11.1% year over year, and higher interest income provided additional support. Scotiabank Earnings Lifted by Record Result in Wealth Management
• Neutral Sentiment: New business credit-card product. Scotiabank launched a no-fee Visa card offering Canadian business owners 1% cash back. The product could support future customer acquisition and payments revenue, but its near-term financial impact is likely limited. Scotiabank Launches New No Fee Visa Credit Card

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.