StockNews.com Downgrades Bank of Nova Scotia (NYSE:BNS) to Sell

StockNews.com cut shares of Bank of Nova Scotia (NYSE:BNSFree Report) (TSE:BNS) from a hold rating to a sell rating in a research report released on Wednesday morning.

Several other equities research analysts have also recently weighed in on BNS. Jefferies Financial Group assumed coverage on shares of Bank of Nova Scotia in a research report on Thursday, February 22nd. They issued a hold rating for the company. Barclays assumed coverage on shares of Bank of Nova Scotia in a research note on Wednesday, March 20th. They set an underweight rating and a $70.00 price target for the company. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of Hold and an average target price of $68.00.

View Our Latest Report on BNS

Bank of Nova Scotia Trading Up 1.0 %

BNS opened at $47.33 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $58.20 billion, a PE ratio of 10.66, a PEG ratio of 1.73 and a beta of 1.06. Bank of Nova Scotia has a 1-year low of $39.79 and a 1-year high of $51.98. The firm has a 50-day moving average price of $48.15 and a two-hundred day moving average price of $47.36.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Wednesday, July 3rd will be paid a dividend of $0.769 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 6.50%. The ex-dividend date of this dividend is Wednesday, July 3rd. Bank of Nova Scotia’s dividend payout ratio (DPR) is 70.72%.

Institutional Investors Weigh In On Bank of Nova Scotia

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bruce G. Allen Investments LLC grew its holdings in Bank of Nova Scotia by 70.6% during the first quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock valued at $30,000 after purchasing an additional 242 shares during the period. Quantbot Technologies LP acquired a new position in Bank of Nova Scotia during the third quarter valued at approximately $42,000. Fifth Third Bancorp grew its holdings in Bank of Nova Scotia by 71.6% during the fourth quarter. Fifth Third Bancorp now owns 858 shares of the bank’s stock valued at $42,000 after purchasing an additional 358 shares during the period. Global Retirement Partners LLC grew its holdings in Bank of Nova Scotia by 144.6% during the first quarter. Global Retirement Partners LLC now owns 959 shares of the bank’s stock valued at $50,000 after purchasing an additional 567 shares during the period. Finally, Headlands Technologies LLC acquired a new position in Bank of Nova Scotia during the first quarter valued at approximately $53,000. 49.13% of the stock is owned by institutional investors.

About Bank of Nova Scotia

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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.

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