Bank of Nova Scotia (NYSE:BNS) Rating Increased to Buy at Canaccord Genuity Group

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) was upgraded by investment analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a report issued on Tuesday.

A number of other research firms also recently issued reports on BNS. UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday. Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday. TD Securities upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Cibc World Mkts upgraded shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.00.

Bank of Nova Scotia Stock Performance

Shares of NYSE BNS opened at $55.26 on Tuesday. The company has a market cap of $68.76 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 1.60 and a beta of 1.05. Bank of Nova Scotia has a 12 month low of $41.80 and a 12 month high of $55.43. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 1.02. The company has a 50-day simple moving average of $53.05 and a 200-day simple moving average of $49.18.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, August 27th. The bank reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.01. The business had revenue of $8.36 billion during the quarter, compared to the consensus estimate of $8.53 billion. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The company’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.30 earnings per share. On average, equities analysts anticipate that Bank of Nova Scotia will post 4.79 earnings per share for the current year.

Institutional Trading of Bank of Nova Scotia

Institutional investors have recently added to or reduced their stakes in the stock. Mather Group LLC. raised its holdings in Bank of Nova Scotia by 1,388.9% in the second quarter. Mather Group LLC. now owns 536 shares of the bank’s stock valued at $25,000 after acquiring an additional 500 shares in the last quarter. Blue Trust Inc. raised its holdings in Bank of Nova Scotia by 3,127.8% in the second quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock valued at $27,000 after acquiring an additional 563 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in Bank of Nova Scotia by 1,588.2% in the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after acquiring an additional 810 shares in the last quarter. City State Bank acquired a new stake in Bank of Nova Scotia in the third quarter valued at $57,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Bank of Nova Scotia by 102.1% in the first quarter. EverSource Wealth Advisors LLC now owns 1,605 shares of the bank’s stock valued at $83,000 after acquiring an additional 811 shares in the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.