Bank of Nova Scotia’s (BNS) Buy Rating Reaffirmed at Canaccord Genuity

Canaccord Genuity reissued their buy rating on shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in a research note issued to investors on Tuesday morning. They currently have a $93.00 price target on the bank’s stock.

Several other analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Bank of Nova Scotia from a buy rating to a sell rating in a research note on Tuesday, October 31st. Scotiabank reaffirmed a buy rating and issued a $88.00 price target on shares of Bank of Nova Scotia in a research note on Wednesday, August 30th. Macquarie started coverage on shares of Bank of Nova Scotia in a research note on Tuesday, October 24th. They issued an outperform rating on the stock. BidaskClub raised shares of Bank of Nova Scotia from a sell rating to a hold rating in a research note on Friday, August 18th. Finally, Citigroup raised shares of Bank of Nova Scotia from a neutral rating to a buy rating in a research note on Wednesday, September 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $85.80.

Shares of Bank of Nova Scotia (NYSE:BNS) traded down $0.34 during trading hours on Tuesday, reaching $63.90. 527,900 shares of the company’s stock traded hands, compared to its average volume of 695,039. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.06 and a current ratio of 1.06. Bank of Nova Scotia has a 52 week low of $53.86 and a 52 week high of $66.78. The firm has a market cap of $77,038.66, a P/E ratio of 12.82, a P/E/G ratio of 1.54 and a beta of 1.26.

The business also recently declared a quarterly dividend, which will be paid on Monday, January 29th. Stockholders of record on Tuesday, January 2nd will be paid a $0.617 dividend. This represents a $2.47 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date is Friday, December 29th. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 49.50%.

Several hedge funds and other institutional investors have recently bought and sold shares of BNS. Fiduciary Trust Co. bought a new stake in Bank of Nova Scotia in the second quarter worth $102,000. IFP Advisors Inc boosted its holdings in Bank of Nova Scotia by 46.7% in the second quarter. IFP Advisors Inc now owns 2,077 shares of the bank’s stock worth $125,000 after purchasing an additional 661 shares in the last quarter. ARP Americas LLC bought a new stake in Bank of Nova Scotia in the third quarter worth $202,000. Yorktown Management & Research Co Inc bought a new stake in Bank of Nova Scotia in the third quarter worth $212,000. Finally, Quantum Capital Management bought a new stake in Bank of Nova Scotia in the second quarter worth $205,000. 47.01% of the stock is currently owned by institutional investors and hedge funds.

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About Bank of Nova Scotia

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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