Shares of Scotiabank (NYSE:BNS) (TSE:BNS) have received an average rating of “Buy” from the eleven brokerages that are covering the firm, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $90.00.
Several analysts recently issued reports on BNS shares. ValuEngine lowered Scotiabank from a “buy” rating to a “hold” rating in a report on Tuesday, April 3rd. Zacks Investment Research upgraded Scotiabank from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a report on Tuesday, February 6th.
Shares of Scotiabank stock traded up $0.58 during trading on Thursday, reaching $61.04. The stock had a trading volume of 822,282 shares, compared to its average volume of 743,381. The firm has a market cap of $72,407.12, a price-to-earnings ratio of 11.65, a price-to-earnings-growth ratio of 1.47 and a beta of 1.27. Scotiabank has a 52 week low of $53.86 and a 52 week high of $66.78. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.05 and a quick ratio of 1.05.
Scotiabank announced that its board has initiated a stock repurchase program on Monday, February 12th that authorizes the company to buyback outstanding shares. This buyback authorization authorizes the bank to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Thursday, April 26th. Investors of record on Tuesday, April 3rd will be issued a dividend of $0.6454 per share. This represents a $2.58 annualized dividend and a yield of 4.23%. The ex-dividend date is Monday, April 2nd. This is a positive change from Scotiabank’s previous quarterly dividend of $0.62. Scotiabank’s dividend payout ratio is presently 48.47%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Arcadia Investment Management Corp MI raised its holdings in Scotiabank by 320.4% during the fourth quarter. Arcadia Investment Management Corp MI now owns 1,955 shares of the bank’s stock worth $126,000 after acquiring an additional 1,490 shares in the last quarter. Pinebridge Investments L.P. acquired a new position in Scotiabank during the fourth quarter worth approximately $204,000. Elkfork Partners LLC acquired a new position in Scotiabank during the fourth quarter worth approximately $168,000. Huntington National Bank increased its position in Scotiabank by 69.8% during the fourth quarter. Huntington National Bank now owns 2,649 shares of the bank’s stock worth $171,000 after buying an additional 1,089 shares during the last quarter. Finally, London Co. of Virginia acquired a new position in Scotiabank during the fourth quarter worth approximately $200,000. Institutional investors and hedge funds own 47.46% of the company’s stock.
Scotiabank Company Profile
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.
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