BidaskClub cut shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) from a buy rating to a hold rating in a research note released on Thursday.

Several other equities research analysts have also commented on the company. Zacks Investment Research upgraded Bank of Nova Scotia (The) from a hold rating to a buy rating and set a $69.00 price objective for the company in a research note on Tuesday, July 18th. Canaccord Genuity began coverage on Bank of Nova Scotia (The) in a research note on Tuesday, July 18th. They issued a buy rating for the company. Bank of America Corporation upped their price objective on Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the stock a buy rating in a research note on Wednesday, May 31st. Royal Bank Of Canada upped their price objective on Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the stock an outperform rating in a research note on Wednesday, May 31st. Finally, Barclays PLC upgraded Bank of Nova Scotia (The) from an equal weight rating to an overweight rating in a research note on Tuesday, May 23rd. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $74.67.

Bank of Nova Scotia (BNS) opened at 62.36 on Thursday. The stock has a 50 day moving average price of $60.64 and a 200 day moving average price of $58.82. The stock has a market capitalization of $74.95 billion, a PE ratio of 12.49 and a beta of 1.26. Bank of Nova Scotia has a 12 month low of $49.82 and a 12 month high of $63.07.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Tuesday, May 30th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.15 by $0.08. The firm had revenue of $6.58 billion during the quarter, compared to analyst estimates of $6.73 billion. Bank of Nova Scotia (The) had a return on equity of 14.45% and a net margin of 22.17%. Bank of Nova Scotia (The)’s revenue was down .2% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 EPS. On average, equities research analysts forecast that Bank of Nova Scotia will post $5.13 earnings per share for the current fiscal year.

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Bank of Nova Scotia (The) announced that its Board of Directors has initiated a share buyback program on Tuesday, May 30th that allows the company to repurchase 24,000,000 shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 27th. Shareholders of record on Tuesday, July 4th were paid a $0.5635 dividend. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $2.25 dividend on an annualized basis and a yield of 3.61%. Bank of Nova Scotia (The)’s payout ratio is presently 46.97%.

A number of large investors have recently modified their holdings of the company. Advisory Services Network LLC acquired a new stake in shares of Bank of Nova Scotia (The) during the first quarter worth about $111,000. Janney Montgomery Scott LLC acquired a new stake in shares of Bank of Nova Scotia (The) during the first quarter worth about $203,000. Park National Corp OH acquired a new stake in shares of Bank of Nova Scotia (The) during the first quarter worth about $205,000. CAPROCK Group Inc. acquired a new stake in shares of Bank of Nova Scotia (The) during the second quarter worth about $211,000. Finally, Nwam LLC acquired a new stake in shares of Bank of Nova Scotia (The) during the second quarter worth about $215,000. Institutional investors and hedge funds own 49.63% of the company’s stock.

Bank of Nova Scotia (The) Company Profile

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.

Analyst Recommendations for Bank of Nova Scotia (The) (NYSE:BNS)

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