Shares of The Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) have been assigned a consensus recommendation of “Hold” from the thirteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $86.43.
A number of equities research analysts have recently weighed in on BNS shares. Canaccord Genuity Group downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Wednesday, March 1st. Barclays downgraded Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating in a report on Tuesday, May 9th. Royal Bank of Canada lowered their price target on Bank of Nova Scotia from $86.00 to $77.00 and set a “sector perform” rating for the company in a report on Wednesday, March 1st. Scotiabank lowered Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 28th. Finally, StockNews.com lowered Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Tuesday.
Hedge Funds Weigh In On Bank of Nova Scotia
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Harbour Investments Inc. boosted its position in shares of Bank of Nova Scotia by 10.2% in the 4th quarter. Harbour Investments Inc. now owns 2,115 shares of the bank’s stock valued at $104,000 after purchasing an additional 195 shares during the period. Cetera Investment Advisers boosted its position in Bank of Nova Scotia by 3.7% during the 1st quarter. Cetera Investment Advisers now owns 5,548 shares of the bank’s stock worth $398,000 after acquiring an additional 196 shares during the period. First Manhattan Co. boosted its position in Bank of Nova Scotia by 5.1% during the 4th quarter. First Manhattan Co. now owns 4,204 shares of the bank’s stock worth $206,000 after acquiring an additional 204 shares during the period. HB Wealth Management LLC boosted its position in Bank of Nova Scotia by 4.4% during the 1st quarter. HB Wealth Management LLC now owns 5,338 shares of the bank’s stock worth $269,000 after acquiring an additional 225 shares during the period. Finally, Guggenheim Capital LLC boosted its position in Bank of Nova Scotia by 1.5% during the 1st quarter. Guggenheim Capital LLC now owns 16,443 shares of the bank’s stock worth $1,179,000 after acquiring an additional 250 shares during the period. Institutional investors and hedge funds own 45.19% of the company’s stock.
Bank of Nova Scotia Stock Performance
Bank of Nova Scotia Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 27th. Investors of record on Wednesday, July 5th will be issued a dividend of $0.7851 per share. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.77. This represents a $3.14 dividend on an annualized basis and a yield of 6.33%. The ex-dividend date of this dividend is Monday, July 3rd. Bank of Nova Scotia’s payout ratio is presently 59.92%.
Bank of Nova Scotia Company Profile
The Bank of Nova Scotia engages in the provision of financial products and services including personal, commercial, corporate, and investment banking. It operates through the following segments: Canadian Banking, International Banking, Global Wealth Management, Global Banking and Markets, and Other. The Other segment includes group treasury and smaller operating segments.
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