Bank of Nova Scotia (NYSE:BNS) Raises Dividend to $0.68 Per Share

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Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) declared a quarterly dividend on Tuesday, August 27th, Zacks reports. Shareholders of record on Tuesday, October 1st will be paid a dividend of 0.682 per share by the bank on Tuesday, October 29th. This represents a $2.73 annualized dividend and a yield of 5.27%. The ex-dividend date is Monday, September 30th. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.65.

Bank of Nova Scotia has raised its dividend by an average of 5.0% annually over the last three years and has raised its dividend annually for the last 2 consecutive years.

NYSE BNS traded up $0.30 during trading on Wednesday, hitting $51.78. The company had a trading volume of 26,623 shares, compared to its average volume of 748,971. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. Bank of Nova Scotia has a one year low of $48.34 and a one year high of $60.52. The company has a market cap of $62.22 billion, a price-to-earnings ratio of 9.53, a price-to-earnings-growth ratio of 2.68 and a beta of 1.16. The company’s fifty day moving average is $52.49 and its 200-day moving average is $53.63.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, August 27th. The bank reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.04. The company had revenue of $7.66 billion during the quarter, compared to analyst estimates of $7.86 billion. Bank of Nova Scotia had a net margin of 19.20% and a return on equity of 13.55%. Bank of Nova Scotia’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same period last year, the business earned $1.76 EPS. As a group, equities analysts anticipate that Bank of Nova Scotia will post 5.3 EPS for the current year.

Several research analysts recently issued reports on the stock. BMO Capital Markets decreased their price target on shares of Bank of Nova Scotia from $80.00 to $78.00 and set an “outperform” rating for the company in a research note on Wednesday. Zacks Investment Research upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Monday. Barclays reiterated an “average” rating and issued a $78.00 price target on shares of Bank of Nova Scotia in a research note on Thursday, May 30th. ValuEngine lowered shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, Credit Suisse Group increased their price target on shares of Bank of Nova Scotia from $73.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $76.17.

Bank of Nova Scotia Company Profile

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

Further Reading: Why does the United States have a lingering trade deficit?

Dividend History for Bank of Nova Scotia (NYSE:BNS)

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