Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued 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 research firms have also weighed in on BNS. Credit Suisse Group AG restated a “neutral” rating on shares of Bank of Nova Scotia in a report on Monday, November 14th. Barclays PLC restated an “equal weight” rating and set a $60.00 target price (up previously from $55.00) on shares of Bank of Nova Scotia in a report on Sunday, August 21st. Desjardins restated a “buy” rating and set a $73.00 target price (up previously from $71.00) on shares of Bank of Nova Scotia in a report on Thursday, September 1st. Canaccord Genuity restated a “buy” rating and set a $75.00 target price (up previously from $73.00) on shares of Bank of Nova Scotia in a report on Thursday, September 1st. Finally, Dundee Securities initiated coverage on Bank of Nova Scotia in a report on Wednesday, September 21st. They set a “buy” rating for the company. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $68.09.

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

Shares of Bank of Nova Scotia (NYSE:BNS) opened at 54.20 on Friday. Bank of Nova Scotia has a one year low of $35.01 and a one year high of $55.14. The company has a 50 day moving average price of $53.26 and a 200 day moving average price of $51.54. The company has a market cap of $65.30 billion, a price-to-earnings ratio of 12.94 and a beta of 1.29.

The company also recently announced a quarterly dividend, which was paid on Thursday, October 27th. Investors of record on Tuesday, October 4th were given a $0.5724 dividend. This represents a $2.29 annualized dividend and a dividend yield of 4.22%. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Friday, September 30th. Bank of Nova Scotia’s dividend payout ratio is presently 52.45%.

Several institutional investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. increased its stake in shares of Bank of Nova Scotia by 0.6% in the third quarter. Ameriprise Financial Inc. now owns 6,530 shares of the company’s stock valued at $346,000 after buying an additional 39 shares in the last quarter. Moors & Cabot Inc. increased its stake in shares of Bank of Nova Scotia by 0.7% in the third quarter. Moors & Cabot Inc. now owns 8,490 shares of the company’s stock valued at $451,000 after buying an additional 58 shares in the last quarter. Glenmede Trust Co. NA increased 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 in the last quarter. Advisor Partners LLC increased its stake in shares of Bank of Nova Scotia by 1.6% in the second quarter. Advisor Partners LLC now owns 4,813 shares of the company’s stock valued at $235,000 after buying an additional 75 shares in the last quarter. Finally, OLD National Bancorp IN increased its stake in shares of Bank of Nova Scotia by 2.1% in the third quarter. OLD National Bancorp IN now owns 5,420 shares of the company’s stock valued at $287,000 after buying an additional 114 shares in the last quarter. 49.74% of the stock is currently owned by hedge funds and other 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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