ValuEngine Downgrades Bank of Nova Scotia (NYSE:BNS) to Sell

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Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday, November 1st, ValuEngine reports.

A number of other analysts also recently weighed in on the company. Canaccord Genuity restated a “hold” rating on shares of Bank of Nova Scotia in a research report on Wednesday, August 28th. Credit Suisse Group boosted their target price on Bank of Nova Scotia from $73.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $52.00 to $62.00 in a research report on Tuesday, September 24th. BMO Capital Markets dropped their target price on Bank of Nova Scotia from $80.00 to $78.00 and set an “outperform” rating for the company in a research report on Wednesday, August 28th. Finally, Zacks Investment Research downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $74.29.

Shares of BNS traded down $0.16 during trading hours on Friday, reaching $57.83. 388,051 shares of the company’s stock traded hands, compared to its average volume of 780,411. The stock has a market cap of $70.50 billion, a PE ratio of 10.63, a price-to-earnings-growth ratio of 1.86 and a beta of 1.18. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.31. The firm’s 50 day simple moving average is $57.04 and its 200-day simple moving average is $54.24. Bank of Nova Scotia has a 12 month low of $48.34 and a 12 month high of $58.22.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, August 27th. The bank reported $1.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.37 by $0.04. The firm had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.86 billion. Bank of Nova Scotia had a return on equity of 13.53% and a net margin of 18.32%. The company’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter last year, the company posted $1.76 EPS. As a group, analysts expect that Bank of Nova Scotia will post 5.39 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in BNS. Great West Life Assurance Co. Can purchased a new position in shares of Bank of Nova Scotia during the second quarter valued at approximately $680,426,000. Toronto Dominion Bank boosted its position in shares of Bank of Nova Scotia by 6.6% during the second quarter. Toronto Dominion Bank now owns 27,596,310 shares of the bank’s stock valued at $1,483,851,000 after purchasing an additional 1,716,198 shares in the last quarter. National Pension Service bought a new stake in shares of Bank of Nova Scotia during the second quarter valued at approximately $93,247,000. JPMorgan Chase & Co. boosted its position in shares of Bank of Nova Scotia by 43.7% during the second quarter. JPMorgan Chase & Co. now owns 3,874,872 shares of the bank’s stock valued at $209,902,000 after purchasing an additional 1,177,982 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Bank of Nova Scotia by 2.7% during the second quarter. Vanguard Group Inc. now owns 34,847,903 shares of the bank’s stock valued at $1,893,984,000 after purchasing an additional 928,427 shares in the last quarter. 46.05% of the stock is currently 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 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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Analyst Recommendations for Bank of Nova Scotia (NYSE:BNS)

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