Zacks Investment Research Upgrades Bank of Nova Scotia (NYSE:BNS) to “Hold”

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Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “Bank of Nova Scotia is one of North America’s premier financial institutions and Canada’s most international bank. They offer a diverse range of products and services including personal, commercial, corporate and investment banking. Scotiabank has built long-term value and recorded consistent earnings growth by building on its core strengths and by executing exceptionally well in its core businesses. These include Domestic Banking, Wealth Management, International Banking and Scotia Capital. “

Several other research firms also recently issued reports on BNS. Barclays upgraded Encompass Health from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $68.00 to $70.00 in a report on Thursday, May 30th. ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. Bank of Nova Scotia currently has an average rating of “Hold” and an average target price of $77.75.

NYSE:BNS traded up $0.21 on Tuesday, reaching $53.11. The company’s stock had a trading volume of 589,800 shares, compared to its average volume of 739,770. Bank of Nova Scotia has a 12-month low of $48.34 and a 12-month high of $60.60. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $64.82 billion, a price-to-earnings ratio of 9.76, a price-to-earnings-growth ratio of 2.01 and a beta of 1.16. The company has a 50 day moving average of $53.50.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, May 28th. The bank reported $1.70 EPS for the quarter, missing the Zacks’ consensus estimate of $1.74 by ($0.04). Bank of Nova Scotia had a net margin of 19.20% and a return on equity of 13.55%. The business had revenue of $7.80 billion during the quarter, compared to analysts’ expectations of $7.60 billion. During the same quarter in the prior year, the firm earned $1.70 EPS. Bank of Nova Scotia’s revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts anticipate that Bank of Nova Scotia will post 5.26 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Private Capital Group LLC grew its stake in Bank of Nova Scotia by 9,420.0% during the 1st quarter. Private Capital Group LLC now owns 476 shares of the bank’s stock worth $25,000 after purchasing an additional 471 shares in the last quarter. Atlas Capital Advisors LLC boosted its position in shares of Bank of Nova Scotia by 456.6% during the 1st quarter. Atlas Capital Advisors LLC now owns 462 shares of the bank’s stock worth $25,000 after acquiring an additional 379 shares in the last quarter. Princeton Global Asset Management LLC acquired a new position in shares of Bank of Nova Scotia during the 1st quarter worth about $34,000. Pinnacle Bank acquired a new position in shares of Bank of Nova Scotia during the 4th quarter worth about $37,000. Finally, Avestar Capital LLC boosted its position in shares of Bank of Nova Scotia by 630.8% during the 1st quarter. Avestar Capital LLC now owns 782 shares of the bank’s stock worth $39,000 after acquiring an additional 675 shares in the last quarter. 45.16% of the stock is owned by hedge funds and other institutional investors.

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: Preferred Stock

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