Bank of Nova Scotia (NYSE:BNS) Shares Down 0.4%

Shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) traded down 0.4% during mid-day trading on Friday . The company traded as low as $52.33 and last traded at $52.53. 173,863 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 797,257 shares. The stock had previously closed at $52.72.

A number of analysts recently issued reports on the company. ValuEngine raised Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research report on Friday, June 7th. Barclays reaffirmed an “average” rating and issued a $78.00 target price on shares of Bank of Nova Scotia in a research report on Thursday, May 30th. Zacks Investment Research raised Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. Desjardins reaffirmed an “average” rating and issued a $81.00 target price on shares of Bank of Nova Scotia in a research report on Wednesday, February 27th. Finally, TD Securities downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 26th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $77.75.

The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $64.11 billion, a P/E ratio of 9.68, a PEG ratio of 1.99 and a beta of 1.15.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, May 28th. The bank reported $1.70 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $7.60 billion. During the same quarter in the previous year, the business posted $1.70 EPS. The company’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 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Tuesday, July 2nd will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date is Friday, June 28th. Bank of Nova Scotia’s payout ratio is currently 47.98%.

A number of institutional investors have recently bought and sold shares of the stock. Comerica Bank boosted its holdings in shares of Bank of Nova Scotia by 1.3% during the fourth quarter. Comerica Bank now owns 71,893 shares of the bank’s stock worth $4,032,000 after acquiring an additional 913 shares during the period. Natixis Advisors L.P. boosted its holdings in shares of Bank of Nova Scotia by 22.1% during the fourth quarter. Natixis Advisors L.P. now owns 22,931 shares of the bank’s stock worth $1,143,000 after acquiring an additional 4,155 shares during the period. Millennium Management LLC boosted its holdings in shares of Bank of Nova Scotia by 669.3% during the fourth quarter. Millennium Management LLC now owns 163,067 shares of the bank’s stock worth $8,132,000 after acquiring an additional 141,869 shares during the period. Blueshift Asset Management LLC bought a new stake in shares of Bank of Nova Scotia during the fourth quarter worth approximately $799,000. Finally, Commonwealth Bank of Australia boosted its holdings in shares of Bank of Nova Scotia by 11.4% during the fourth quarter. Commonwealth Bank of Australia now owns 199,150 shares of the bank’s stock worth $9,930,000 after acquiring an additional 20,412 shares during the period. Institutional investors and hedge funds own 45.25% of the company’s stock.

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About Bank of Nova Scotia (NYSE:BNS)

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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