Bank of Nova Scotia (NYSE:BNS) Stock Rating Lowered by Bank of America

Bank of America lowered shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) from a buy rating to a neutral rating in a research report report published on Monday morning, Marketbeat reports.

A number of other analysts have also recently issued reports on the company. Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Finally, Royal Bank of Canada cut their target price on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $81.00.

Bank of Nova Scotia Price Performance

Shares of BNS opened at $47.48 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. Bank of Nova Scotia has a 1-year low of $43.68 and a 1-year high of $57.07. The stock has a market cap of $59.14 billion, a PE ratio of 10.99, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11. The firm has a fifty day moving average price of $49.62 and a 200 day moving average price of $52.23.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be issued a $0.7415 dividend. This represents a $2.97 dividend on an annualized basis and a dividend yield of 6.25%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia’s payout ratio is currently 82.77%.

Institutional Investors Weigh In On Bank of Nova Scotia

Hedge funds have recently modified their holdings of the stock. Murphy & Mullick Capital Management Corp acquired a new position in Bank of Nova Scotia in the 4th quarter valued at $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Bank of Nova Scotia in the fourth quarter valued at about $31,000. Allworth Financial LP increased its stake in shares of Bank of Nova Scotia by 121.1% during the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock worth $33,000 after acquiring an additional 350 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after acquiring an additional 810 shares during the period. Finally, Fortitude Family Office LLC purchased a new position in Bank of Nova Scotia during the fourth quarter worth about $73,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.