Shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) have earned an average rating of “Buy” from the twelve brokerages that are presently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $90.00.
Several equities research analysts have recently weighed in on BNS shares. Scotiabank reiterated a “buy” rating and set a $95.00 price target on shares of Bank of Nova Scotia in a research report on Wednesday, November 22nd. Zacks Investment Research cut Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Wednesday, November 8th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $93.00 price target on shares of Bank of Nova Scotia in a research report on Tuesday, December 5th.
Several hedge funds and other institutional investors have recently modified their holdings of the company. TD Asset Management Inc. grew its holdings in shares of Bank of Nova Scotia by 1.4% during the third quarter. TD Asset Management Inc. now owns 38,795,439 shares of the bank’s stock worth $2,487,821,000 after purchasing an additional 523,053 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Bank of Nova Scotia by 290.6% during the fourth quarter. Mackenzie Financial Corp now owns 26,417,366 shares of the bank’s stock worth $1,704,713,000 after purchasing an additional 19,654,899 shares in the last quarter. Jarislowsky Fraser Ltd grew its holdings in shares of Bank of Nova Scotia by 1.0% during the third quarter. Jarislowsky Fraser Ltd now owns 16,829,361 shares of the bank’s stock worth $1,079,211,000 after purchasing an additional 173,233 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Bank of Nova Scotia by 7.2% during the third quarter. Great West Life Assurance Co. Can now owns 13,611,106 shares of the bank’s stock worth $873,039,000 after purchasing an additional 913,814 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in shares of Bank of Nova Scotia by 0.8% during the third quarter. CIBC Asset Management Inc now owns 12,584,409 shares of the bank’s stock worth $806,732,000 after purchasing an additional 101,510 shares in the last quarter. 47.85% of the stock is owned by institutional investors.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, February 27th. The bank reported $1.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.44. Bank of Nova Scotia had a return on equity of 14.62% and a net margin of 22.20%. The firm had revenue of $7.09 billion for the quarter, compared to analysts’ expectations of $7.01 billion. During the same period in the prior year, the business posted $1.57 earnings per share. The company’s revenue was up 3.2% on a year-over-year basis. equities analysts anticipate that Bank of Nova Scotia will post 5.49 earnings per share for the current fiscal year.
Bank of Nova Scotia declared that its Board of Directors has approved a stock buyback program on Monday, February 12th that allows the company to buyback shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.
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About Bank of Nova Scotia
The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank 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.
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