Royal Bank Of Canada Forecasts Strong Price Appreciation for Bank of Nova Scotia (NYSE:BNS) Stock

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) had its price target hoisted by investment analysts at Royal Bank Of Canada from $97.00 to $106.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the bank’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 40.86% from the company’s previous close.

BNS has been the topic of several other reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Bank of Nova Scotia in a report on Monday, December 29th. Raymond James Financial initiated coverage on Bank of Nova Scotia in a research note on Tuesday, November 25th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $106.00.

Bank of Nova Scotia Price Performance

Shares of NYSE:BNS traded down $0.13 on Wednesday, hitting $75.25. The stock had a trading volume of 910,930 shares, compared to its average volume of 1,975,443. The firm’s 50 day moving average price is $74.50 and its 200-day moving average price is $68.25. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.04 and a current ratio of 1.04. Bank of Nova Scotia has a twelve month low of $44.09 and a twelve month high of $78.28. The company has a market capitalization of $92.77 billion, a price-to-earnings ratio of 18.72, a price-to-earnings-growth ratio of 1.03 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.06. The firm had revenue of $7.40 billion during the quarter, compared to the consensus estimate of $6.99 billion. Bank of Nova Scotia had a net margin of 10.60% and a return on equity of 12.10%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the firm posted $1.76 EPS. On average, equities research analysts predict that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Institutional Investors Weigh In On Bank of Nova Scotia

Several institutional investors have recently modified their holdings of BNS. Prospera Financial Services Inc increased its position in Bank of Nova Scotia by 3.9% in the fourth quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank’s stock worth $341,000 after buying an additional 173 shares in the last quarter. Motco increased its holdings in Bank of Nova Scotia by 1.2% in the 3rd quarter. Motco now owns 14,832 shares of the bank’s stock worth $959,000 after acquiring an additional 181 shares in the last quarter. Pacifica Partners Inc. raised its stake in Bank of Nova Scotia by 1.0% during the 3rd quarter. Pacifica Partners Inc. now owns 18,998 shares of the bank’s stock worth $1,227,000 after acquiring an additional 190 shares during the period. Addison Advisors LLC lifted its holdings in Bank of Nova Scotia by 6.5% during the second quarter. Addison Advisors LLC now owns 3,275 shares of the bank’s stock valued at $181,000 after purchasing an additional 199 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Bank of Nova Scotia by 9.6% in the third quarter. EverSource Wealth Advisors LLC now owns 2,373 shares of the bank’s stock worth $153,000 after purchasing an additional 208 shares during the period. Institutional investors and hedge funds own 49.13% of the company’s stock.

About Bank of Nova Scotia

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.