Bank of Nova Scotia (BNS) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a hold rating to a sell rating in a research report sent to investors on Tuesday morning.

According to Zacks, “Bank of Nova Scotia is one of North America’s premier financial institutions and Canada’s most international bank. They offer a diverse range of products and services including personal, commercial, corporate and investment banking. Scotiabank has built long-term value and recorded consistent earnings growth by building on its core strengths and by executing exceptionally well in its core businesses. These include Domestic Banking, Wealth Management, International Banking and Scotia Capital. “

Several other equities research analysts also recently issued reports on the company. Desjardins restated an average rating and set a $81.00 price objective on shares of Bank of Nova Scotia in a report on Wednesday, February 27th. CIBC downgraded Bank of Nova Scotia from a sector outperform rating to a neutral rating in a report on Wednesday, February 27th. TD Securities downgraded Bank of Nova Scotia from a buy rating to a hold rating in a report on Tuesday, February 26th. Royal Bank of Canada restated a hold rating and set a $88.00 price objective on shares of Bank of Nova Scotia in a report on Thursday, November 29th. Finally, BMO Capital Markets restated a buy rating on shares of Bank of Nova Scotia in a report on Wednesday, November 28th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $79.50.



Shares of NYSE:BNS opened at $54.64 on Tuesday. The stock has a market cap of $66.93 billion, a P/E ratio of 10.04, a P/E/G ratio of 1.63 and a beta of 1.17. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.27. Bank of Nova Scotia has a one year low of $48.34 and a one year high of $63.53.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Tuesday, February 26th. The bank reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.34. Bank of Nova Scotia had a return on equity of 13.93% and a net margin of 19.86%. The company had revenue of $7.60 billion for the quarter, compared to the consensus estimate of $7.78 billion. During the same period in the previous year, the business earned $1.74 EPS. Bank of Nova Scotia’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, equities analysts forecast that Bank of Nova Scotia will post 5.52 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Tuesday, April 2nd will be issued a dividend of $0.663 per share. The ex-dividend date of this dividend is Monday, April 1st. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.65. This represents a $2.65 annualized dividend and a yield of 4.85%. Bank of Nova Scotia’s payout ratio is currently 45.77%.

A number of hedge funds have recently bought and sold shares of BNS. Comerica Bank increased its holdings in shares of Bank of Nova Scotia by 8.1% in the 3rd quarter. Comerica Bank now owns 70,980 shares of the bank’s stock valued at $3,836,000 after acquiring an additional 5,345 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Bank of Nova Scotia by 138.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,992,717 shares of the bank’s stock valued at $118,827,000 after acquiring an additional 1,156,775 shares during the last quarter. Cidel Asset Management Inc. increased its holdings in shares of Bank of Nova Scotia by 1.8% in the 3rd quarter. Cidel Asset Management Inc. now owns 2,139,341 shares of the bank’s stock valued at $127,424,000 after acquiring an additional 37,641 shares during the last quarter. Highstreet Asset Management Inc. increased its holdings in shares of Bank of Nova Scotia by 13.9% in the 3rd quarter. Highstreet Asset Management Inc. now owns 2,091,063 shares of the bank’s stock valued at $124,640,000 after acquiring an additional 255,159 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. increased its holdings in shares of Bank of Nova Scotia by 18.1% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 98,681 shares of the bank’s stock valued at $5,878,000 after acquiring an additional 15,129 shares during the last quarter. Institutional investors own 47.89% of the company’s stock.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

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