Scotiabank (BNS) Cut to “Hold” at ValuEngine

ValuEngine cut shares of Scotiabank (NYSE:BNS) (TSE:BNS) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.

A number of other equities research analysts have also commented on BNS. Canaccord Genuity reaffirmed a buy rating and set a $93.00 price target on shares of Scotiabank in a research report on Tuesday, December 5th. Zacks Investment Research raised Scotiabank from a sell rating to a hold rating in a research report on Wednesday, January 17th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $86.00.

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NYSE:BNS traded down $0.19 during mid-day trading on Tuesday, hitting $60.80. The company had a trading volume of 126,750 shares, compared to its average volume of 779,113. Scotiabank has a fifty-two week low of $53.86 and a fifty-two week high of $66.78. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $72,107.62, a price-to-earnings ratio of 11.64, a PEG ratio of 1.37 and a beta of 1.27.

Scotiabank (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, February 27th. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.07. The firm had revenue of $7.09 billion for the quarter, compared to analyst estimates of $7.01 billion. Scotiabank had a return on equity of 14.78% and a net margin of 22.69%. The company’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.57 earnings per share. sell-side analysts predict that Scotiabank will post 5.49 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 26th. Stockholders of record on Tuesday, April 3rd will be given a dividend of $0.6454 per share. The ex-dividend date is Monday, April 2nd. This represents a $2.58 dividend on an annualized basis and a dividend yield of 4.25%. This is a positive change from Scotiabank’s previous quarterly dividend of $0.62. Scotiabank’s dividend payout ratio (DPR) is currently 48.47%.

Scotiabank announced that its board has approved a share buyback program on Monday, February 12th that allows the company to buyback outstanding shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BNS. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Scotiabank by 17.0% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 9,016 shares of the bank’s stock worth $580,000 after buying an additional 1,309 shares in the last quarter. Trexquant Investment LP bought a new position in shares of Scotiabank during the third quarter worth about $332,000. Schroder Investment Management Group grew its holdings in shares of Scotiabank by 136.8% during the third quarter. Schroder Investment Management Group now owns 178,816 shares of the bank’s stock worth $14,320,000 after buying an additional 103,306 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Scotiabank by 4.4% during the third quarter. Wells Fargo & Company MN now owns 603,125 shares of the bank’s stock worth $38,751,000 after buying an additional 25,435 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI grew its holdings in shares of Scotiabank by 26.7% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 39,784 shares of the bank’s stock worth $2,556,000 after buying an additional 8,385 shares in the last quarter. 47.45% of the stock is currently owned by institutional investors.

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About Scotiabank

The Bank of Nova Scotia provides various financial services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. It 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Scotiabank (NYSE:BNS)

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