Bank of Nova Scotia (NYSE:BNS) Downgraded by Zacks Investment Research

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

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 research analysts have also recently commented on the stock. Desjardins upped their target price on shares of Bank of Nova Scotia from $80.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Canaccord Genuity reaffirmed a “hold” rating on shares of Bank of Nova Scotia in a report on Wednesday, August 28th. Credit Suisse Group boosted their price objective on Bank of Nova Scotia from $73.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. BMO Capital Markets decreased their price objective on Bank of Nova Scotia from $80.00 to $78.00 and set an “outperform” rating for the company in a report on Wednesday, August 28th. Finally, ValuEngine cut Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $74.29.

BNS traded down $0.32 during trading hours on Wednesday, hitting $57.30. 695,356 shares of the stock were exchanged, compared to its average volume of 776,332. The stock has a 50-day simple moving average of $57.18 and a 200-day simple moving average of $54.40. Bank of Nova Scotia has a 12 month low of $48.34 and a 12 month high of $58.22. The stock has a market cap of $69.82 billion, a price-to-earnings ratio of 10.53, a price-to-earnings-growth ratio of 1.88 and a beta of 1.18. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.06 and a quick ratio of 1.06.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, August 27th. The bank reported $1.41 EPS for the quarter, beating the Zacks’ consensus estimate of $1.37 by $0.04. The company had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.86 billion. Bank of Nova Scotia had a return on equity of 13.53% and a net margin of 18.32%. Bank of Nova Scotia’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.76 earnings per share. Sell-side analysts expect that Bank of Nova Scotia will post 5.39 EPS for the current year.

Hedge funds have recently made changes to their positions in the stock. Laurel Wealth Advisors Inc. lifted its holdings in shares of Bank of Nova Scotia by 2.3% during the second quarter. Laurel Wealth Advisors Inc. now owns 8,865 shares of the bank’s stock valued at $482,000 after purchasing an additional 200 shares during the last quarter. Manitou Investment Management Ltd. raised its holdings in Bank of Nova Scotia by 2.4% during the 3rd quarter. Manitou Investment Management Ltd. now owns 8,838 shares of the bank’s stock worth $502,000 after buying an additional 210 shares during the period. Capital Investment Advisors LLC raised its holdings in Bank of Nova Scotia by 10.0% during the 3rd quarter. Capital Investment Advisors LLC now owns 4,175 shares of the bank’s stock worth $237,000 after buying an additional 380 shares during the period. Quadrant Capital Group LLC lifted its stake in Bank of Nova Scotia by 4.6% during the second quarter. Quadrant Capital Group LLC now owns 9,104 shares of the bank’s stock valued at $486,000 after buying an additional 401 shares in the last quarter. Finally, M&T Bank Corp lifted its stake in Bank of Nova Scotia by 5.3% during the second quarter. M&T Bank Corp now owns 8,623 shares of the bank’s stock valued at $469,000 after buying an additional 432 shares in the last quarter. 46.83% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

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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