Bank of Nova Scotia (TSE:BNS) Downgraded to Hold Rating by Canaccord Genuity Group

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) was downgraded by Canaccord Genuity Group from a “buy” rating to a “hold” rating in a report released on Monday,BayStreet.CA reports. They currently have a C$110.00 target price on the bank’s stock, down from their prior target price of C$118.00. Canaccord Genuity Group’s target price would suggest a potential upside of 14.80% from the stock’s current price.

A number of other research firms also recently commented on BNS. Raymond James Financial raised their target price on shares of Bank of Nova Scotia from C$114.00 to C$117.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. Canadian Imperial Bank of Commerce increased their price objective on shares of Bank of Nova Scotia from C$108.00 to C$109.00 in a research note on Thursday. TD Securities lowered shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating and cut their price objective for the company from C$112.00 to C$111.00 in a report on Tuesday, March 3rd. Royal Bank Of Canada boosted their price objective on shares of Bank of Nova Scotia from C$97.00 to C$106.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 25th. Finally, Jefferies Financial Group increased their target price on Bank of Nova Scotia from C$97.00 to C$104.00 in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of C$106.75.

Bank of Nova Scotia Trading Down 2.3%

Shares of Bank of Nova Scotia stock traded down C$2.21 during trading on Monday, hitting C$95.82. 1,629,015 shares of the stock traded hands, compared to its average volume of 4,293,195. The firm has a market cap of C$118.10 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 1.33 and a beta of 1.16. Bank of Nova Scotia has a 52-week low of C$62.57 and a 52-week high of C$106.39. The stock’s fifty day simple moving average is C$102.48 and its 200 day simple moving average is C$95.85.

Insiders Place Their Bets

In other news, insider Julie Walsh sold 3,716 shares of the business’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of C$100.62, for a total transaction of C$373,903.92. Following the sale, the insider owned 1,430 shares in the company, valued at approximately C$143,886.60. The trade was a 72.21% decrease in their ownership of the stock. Corporate insiders own 0.03% of the company’s stock.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia is a global financial services provider. The bank has five business segments: Canadian banking, international banking, global wealth management, global banking and markets, and other. It offers a range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. The bank’s international operations span numerous countries and are more concentrated in Central and South America.