Bank of Nova Scotia (NYSE:BNS) Rating Lowered to Hold at Canaccord Genuity Group

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was downgraded by analysts at Canaccord Genuity Group from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other analysts also recently weighed in on the stock. Weiss Ratings raised shares of Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a report on Wednesday, February 25th. TD Securities restated a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Royal Bank Of Canada upped their target price on Bank of Nova Scotia from $97.00 to $106.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 25th. Finally, Raymond James Financial started coverage on Bank of Nova Scotia in a report on Tuesday, November 25th. They issued an “outperform” rating on the stock. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $106.00.

Bank of Nova Scotia Stock Down 1.7%

BNS stock opened at $70.85 on Monday. The company has a market cap of $87.35 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 0.87 and a beta of 1.10. The business has a 50-day simple moving average of $74.68 and a 200 day simple moving average of $69.37. Bank of Nova Scotia has a 52 week low of $44.09 and a 52 week high of $78.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.68.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.06. Bank of Nova Scotia had a net margin of 12.40% and a return on equity of 12.49%. The firm had revenue of $7.40 billion for the quarter, compared to the consensus estimate of $6.99 billion. During the same period in the prior year, the company posted $1.76 earnings per share. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. Sell-side analysts anticipate that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Bank of Nova Scotia

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Pure Financial Advisors LLC acquired a new position in Bank of Nova Scotia during the 4th quarter worth approximately $200,000. Compound Planning Inc. boosted its position in Bank of Nova Scotia by 31.6% in the fourth quarter. Compound Planning Inc. now owns 17,740 shares of the bank’s stock valued at $1,307,000 after buying an additional 4,264 shares in the last quarter. Alberta Investment Management Corp boosted its position in Bank of Nova Scotia by 6.5% in the fourth quarter. Alberta Investment Management Corp now owns 1,641,000 shares of the bank’s stock valued at $121,032,000 after buying an additional 99,800 shares in the last quarter. Strive Financial Group LLC bought a new stake in shares of Bank of Nova Scotia during the fourth quarter worth $102,000. Finally, Mercer Global Advisors Inc. ADV increased its holdings in shares of Bank of Nova Scotia by 3.6% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 9,611 shares of the bank’s stock worth $708,000 after buying an additional 334 shares in the last quarter. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Company Profile

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.