Bank of Nova Scotia (NYSE:BNS) Receives $82.33 Average Price Target from Analysts
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) has earned an average recommendation of “Hold” from the nine brokerages that are currently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and one has given a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $82.33.
BNS has been the topic of several recent analyst reports. Barclays upgraded Encompass Health from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $68.00 to $70.00 in a research report on Thursday, May 30th. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research cut HEXO from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BNS. Cerebellum GP LLC lifted its stake in shares of Bank of Nova Scotia by 8.3% during the 2nd quarter. Cerebellum GP LLC now owns 6,189 shares of the bank’s stock worth $336,000 after purchasing an additional 476 shares during the period. Capital Investment Advisors LLC purchased a new position in shares of Bank of Nova Scotia during the 2nd quarter worth $206,000. Callahan Advisors LLC lifted its stake in shares of Bank of Nova Scotia by 12.2% during the 2nd quarter. Callahan Advisors LLC now owns 36,922 shares of the bank’s stock worth $2,007,000 after purchasing an additional 4,010 shares during the period. Howland Capital Management LLC lifted its stake in shares of Bank of Nova Scotia by 12.1% during the 2nd quarter. Howland Capital Management LLC now owns 174,449 shares of the bank’s stock worth $9,481,000 after purchasing an additional 18,776 shares during the period. Finally, Ferguson Wellman Capital Management Inc. lifted its stake in shares of Bank of Nova Scotia by 5.9% during the 2nd quarter. Ferguson Wellman Capital Management Inc. now owns 159,603 shares of the bank’s stock worth $8,675,000 after purchasing an additional 8,834 shares during the period. Institutional investors own 45.23% of the company’s stock.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, May 28th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.74 by ($0.04). Bank of Nova Scotia had a return on equity of 13.55% and a net margin of 19.20%. The business had revenue of $7.80 billion for the quarter, compared to analyst estimates of $7.60 billion. During the same quarter in the previous year, the firm posted $1.70 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities analysts expect that Bank of Nova Scotia will post 5.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Tuesday, July 2nd will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 4.89%. The ex-dividend date is Friday, June 28th. Bank of Nova Scotia’s payout ratio is 48.90%.
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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