Royal Bank Of Canada Issues Positive Forecast for Bank of Nova Scotia (NYSE:BNS) Stock Price

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) had its target price lifted by analysts at Royal Bank Of Canada from $97.00 to $106.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “sector perform” rating on the bank’s stock. Royal Bank Of Canada’s price objective points to a potential upside of 40.86% from the company’s current price.

Several other research firms have also recently weighed in on BNS. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Bank of Nova Scotia in a research note on Monday, December 29th. Raymond James Financial started coverage on shares of Bank of Nova Scotia in a research report on Tuesday, November 25th. They set an “outperform” rating on the stock. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Bank of Nova Scotia presently has an average rating of “Hold” and an average target price of $106.00.

Bank of Nova Scotia Trading Down 0.2%

Shares of NYSE:BNS traded down $0.13 during mid-day trading on Wednesday, hitting $75.25. The stock had a trading volume of 910,930 shares, compared to its average volume of 1,975,443. The company’s 50 day moving average is $74.50 and its 200-day moving average is $68.25. Bank of Nova Scotia has a 12-month low of $44.09 and a 12-month high of $78.28. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $92.77 billion, a PE ratio of 18.72, a P/E/G ratio of 1.03 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.06. The company had revenue of $7.40 billion for the quarter, compared to the consensus estimate of $6.99 billion. Bank of Nova Scotia had a net margin of 10.60% and a return on equity of 12.10%. The company’s revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.76 EPS. On average, sell-side analysts predict that Bank of Nova Scotia will post 4.91 EPS for the current year.

Institutional Investors Weigh In On Bank of Nova Scotia

Large investors have recently bought and sold shares of the business. Mondrian Investment Partners LTD bought a new stake in shares of Bank of Nova Scotia in the 3rd quarter worth approximately $30,000. Swiss RE Ltd. bought a new stake in Bank of Nova Scotia in the 4th quarter valued at $30,000. Cypress Capital Management LLC WY acquired a new position in shares of Bank of Nova Scotia in the 2nd quarter valued at $33,000. Brown Brothers Harriman & Co. bought a new position in shares of Bank of Nova Scotia during the 4th quarter worth about $34,000. Finally, Quarry LP acquired a new stake in shares of Bank of Nova Scotia during the 3rd quarter valued at about $35,000. 49.13% of the stock is currently owned by institutional investors.

About Bank of Nova Scotia

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.