Bank of Nova Scotia (NYSE:BNS) Upgraded by UBS Group to “Buy” Rating

UBS Group upgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a neutral rating to a buy rating in a research note published on Monday, Marketbeat reports.

A number of other brokerages have also weighed in on BNS. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $69.00.

Bank of Nova Scotia Stock Up 2.5 %

Bank of Nova Scotia stock opened at $55.26 on Monday. Bank of Nova Scotia has a 52-week low of $41.80 and a 52-week high of $55.43. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a 50 day moving average price of $53.05 and a two-hundred day moving average price of $49.18. The firm has a market cap of $68.76 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 1.60 and a beta of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.01. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The business had revenue of $8.36 billion for the quarter, compared to analyst estimates of $8.53 billion. During the same period in the prior year, the firm earned $1.30 earnings per share. Bank of Nova Scotia’s revenue was up 3.7% on a year-over-year basis. Equities analysts predict that Bank of Nova Scotia will post 4.79 EPS for the current year.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Shareholders of record on Wednesday, October 2nd were given a $0.768 dividend. This represents a $3.07 dividend on an annualized basis and a yield of 5.56%. The ex-dividend date of this dividend was Wednesday, October 2nd. Bank of Nova Scotia’s payout ratio is 74.88%.

Hedge Funds Weigh In On Bank of Nova Scotia

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Mather Group LLC. boosted its position in Bank of Nova Scotia by 1,388.9% in the second quarter. Mather Group LLC. now owns 536 shares of the bank’s stock worth $25,000 after purchasing an additional 500 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Bank of Nova Scotia by 3,127.8% in the 2nd quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock worth $27,000 after buying an additional 563 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Bank of Nova Scotia by 1,588.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after buying an additional 810 shares during the last quarter. City State Bank purchased a new stake in Bank of Nova Scotia during the third quarter worth about $57,000. Finally, EverSource Wealth Advisors LLC raised its position in Bank of Nova Scotia by 102.1% in the first quarter. EverSource Wealth Advisors LLC now owns 1,605 shares of the bank’s stock worth $83,000 after acquiring an additional 811 shares during the period. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.