Zacks Investment Research Lowers Bank of Nova Scotia (The) (BNS) to Sell

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday, November 8th.

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. “

Other research analysts have also recently issued research reports about the stock. BidaskClub cut shares of Bank of Nova Scotia (The) from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Citigroup Inc. upgraded shares of Bank of Nova Scotia (The) from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 20th. Canaccord Genuity set a $87.00 price objective on shares of Bank of Nova Scotia (The) and gave the company a “buy” rating in a report on Tuesday, August 29th. Macquarie began coverage on shares of Bank of Nova Scotia (The) in a research note on Tuesday, October 24th. They set an “outperform” rating for the company. Finally, Scotiabank reissued a “buy” rating and set a $88.00 target price on shares of Bank of Nova Scotia (The) in a research note on Wednesday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and ten have assigned a buy rating to the company. Bank of Nova Scotia (The) presently has a consensus rating of “Buy” and an average target price of $83.20.

Bank of Nova Scotia (NYSE:BNS) opened at $66.28 on Wednesday. Bank of Nova Scotia has a 1-year low of $53.54 and a 1-year high of $66.55. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $79,550.00, a price-to-earnings ratio of 13.52, a price-to-earnings-growth ratio of 1.54 and a beta of 1.27.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, August 29th. The bank reported $1.27 EPS for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.38). The firm had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.28 billion. Bank of Nova Scotia (The) had a return on equity of 14.54% and a net margin of 22.26%. During the same quarter in the prior year, the firm earned $1.54 EPS. equities analysts expect that Bank of Nova Scotia will post 5.22 earnings per share for the current fiscal year.

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A number of large investors have recently bought and sold shares of the stock. Guardian Capital LP grew its stake in Bank of Nova Scotia (The) by 3.8% in the 3rd quarter. Guardian Capital LP now owns 7,412,100 shares of the bank’s stock valued at $475,157,000 after buying an additional 274,366 shares during the last quarter. Guardian Capital Advisors LP grew its stake in Bank of Nova Scotia (The) by 0.4% in the 3rd quarter. Guardian Capital Advisors LP now owns 517,897 shares of the bank’s stock valued at $41,734,000 after buying an additional 1,964 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. grew its stake in Bank of Nova Scotia (The) by 17.6% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,656 shares of the bank’s stock valued at $427,000 after buying an additional 997 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Bank of Nova Scotia (The) in the 3rd quarter worth $949,000. Finally, Zions Bancorporation grew its position in Bank of Nova Scotia (The) by 20.2% in the 3rd quarter. Zions Bancorporation now owns 6,063 shares of the bank’s stock worth $390,000 after purchasing an additional 1,017 shares during the last quarter. Institutional investors and hedge funds own 46.75% of the company’s stock.

About Bank of Nova Scotia (The)

The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

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