Canaccord Genuity set a $87.00 price target on Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in a report published on Tuesday. The brokerage currently has a buy rating on the bank’s stock.

Other research analysts have also issued research reports about the stock. BidaskClub lowered shares of Bank of Nova Scotia (The) from a buy rating to a hold rating in a research note on Thursday, July 27th. Zacks Investment Research upgraded shares of Bank of Nova Scotia (The) from a hold rating to a buy rating and set a $69.00 price target on the stock in a research note on Tuesday, July 18th. Bank of America Corporation upped their price target on shares of Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the company a buy rating in a research note on Wednesday, May 31st. National Bank Financial restated an outperform overweight rating on shares of Bank of Nova Scotia (The) in a research note on Thursday, May 18th. Finally, Barclays PLC upgraded shares of Bank of Nova Scotia (The) from an equal weight rating to an overweight rating in a research note on Tuesday, May 23rd. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $83.20.

Shares of Bank of Nova Scotia (NYSE BNS) opened at 62.70 on Tuesday. Bank of Nova Scotia has a 12 month low of $51.21 and a 12 month high of $63.07. The company has a market cap of $75.36 billion, a P/E ratio of 12.41 and a beta of 1.27. The company’s 50 day moving average is $61.76 and its 200 day moving average is $59.20.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Tuesday, August 29th. The bank reported $1.27 EPS for the quarter, missing the consensus estimate of $1.65 by $0.38. The firm had revenue of $5.22 billion for the quarter, compared to the consensus estimate 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 last year, the firm earned $1.54 EPS. On average, equities research analysts predict that Bank of Nova Scotia will post $5.18 EPS for the current fiscal year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Tuesday, October 3rd will be paid a $0.6294 dividend. The ex-dividend date of this dividend is Monday, October 2nd. This represents a $2.52 dividend on an annualized basis and a dividend yield of 4.02%. This is a positive change from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56. Bank of Nova Scotia (The)’s dividend payout ratio is presently 46.30%.

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

Hedge funds have recently added to or reduced their stakes in the company. British Columbia Investment Management Corp raised its stake in Bank of Nova Scotia (The) by 1.5% in the first quarter. British Columbia Investment Management Corp now owns 186,619 shares of the bank’s stock worth $8,196,000 after buying an additional 2,800 shares during the last quarter. World Asset Management Inc raised its stake in Bank of Nova Scotia (The) by 1.5% in the first quarter. World Asset Management Inc now owns 75,047 shares of the bank’s stock worth $4,396,000 after buying an additional 1,126 shares during the last quarter. Baskin Financial Services Inc. raised its stake in Bank of Nova Scotia (The) by 3.9% in the first quarter. Baskin Financial Services Inc. now owns 251,002 shares of the bank’s stock worth $14,657,000 after buying an additional 9,472 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Bank of Nova Scotia (The) by 14.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 914,370 shares of the bank’s stock worth $53,341,000 after buying an additional 114,974 shares during the last quarter. Finally, Comerica Bank raised its stake in Bank of Nova Scotia (The) by 2.2% in the first quarter. Comerica Bank now owns 69,806 shares of the bank’s stock worth $3,862,000 after buying an additional 1,517 shares during the last quarter. Hedge funds and other institutional investors own 45.12% 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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