Bank of Nova Scotia (NYSE: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 Friday.

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. “

A number of other equities analysts have also recently commented on the company. Barclays PLC reissued an “equal weight” rating and set a $60.00 price target (up previously from $55.00) on shares of Bank of Nova Scotia in a report on Sunday, August 21st. Desjardins reissued a “buy” rating and set a $73.00 price target (up previously from $71.00) on shares of Bank of Nova Scotia in a report on Thursday, September 1st. TheStreet raised Bank of Nova Scotia from a “sell” rating to a “hold” rating in a report on Tuesday, August 30th. National Bank Financial reissued a “sector perform” rating and set a $70.00 price target (up previously from $66.00) on shares of Bank of Nova Scotia in a report on Thursday, September 1st. Finally, RBC Capital Markets reissued an “outperform” rating and set a $77.00 price target (up previously from $72.00) on shares of Bank of Nova Scotia in a report on Wednesday, August 31st. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $68.09.

Analyst Recommendations for Bank of Nova Scotia (NYSE:BNS)

Bank of Nova Scotia (NYSE:BNS) opened at 51.58 on Friday. The company has a market cap of $62.14 billion, a PE ratio of 12.15 and a beta of 1.29. The firm’s 50-day moving average price is $53.36 and its 200-day moving average price is $51.44. Bank of Nova Scotia has a one year low of $35.01 and a one year high of $55.14.

The business also recently declared a quarterly dividend, which was paid on Thursday, October 27th. Stockholders of record on Tuesday, October 4th were paid a $0.5724 dividend. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Friday, September 30th. This represents a $2.29 annualized dividend and a dividend yield of 4.44%. Bank of Nova Scotia’s dividend payout ratio is presently 52.45%.

Several large investors have recently modified their holdings of the stock. Advisor Group Inc. bought a new stake in shares of Bank of Nova Scotia during the second quarter valued at $120,000. Glenmede Trust Co. NA raised its stake in shares of Bank of Nova Scotia by 2.1% in the second quarter. Glenmede Trust Co. NA now owns 3,553 shares of the company’s stock valued at $173,000 after buying an additional 74 shares during the last quarter. Signaturefd LLC raised its stake in shares of Bank of Nova Scotia by 29.2% in the second quarter. Signaturefd LLC now owns 3,555 shares of the company’s stock valued at $174,000 after buying an additional 803 shares during the last quarter. Cambridge Trust Co. acquired a new stake in shares of Bank of Nova Scotia during the third quarter valued at approximately $201,000. Finally, MSI Financial Services Inc raised its stake in shares of Bank of Nova Scotia by 38.2% in the third quarter. MSI Financial Services Inc now owns 3,937 shares of the company’s stock valued at $209,000 after buying an additional 1,089 shares during the last quarter. 49.56% of the stock is owned by institutional investors.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia (Scotiabank or the Bank) is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The Company’s segments include Canadian Banking, International Banking, Global Banking and Markets (GBM), and Other.

5 Day Chart for NYSE:BNS

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