Bank of Nova Scotia (TSE:BNS) Raised to “Buy” at Canaccord Genuity Group

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) was upgraded by stock analysts at Canaccord Genuity Group from a “hold” rating to a “buy” rating in a research note issued on Tuesday,BayStreet.CA reports. The brokerage presently has a C$84.00 price objective on the bank’s stock, up from their previous price objective of C$71.00. Canaccord Genuity Group’s price objective indicates a potential upside of 7.40% from the stock’s previous close.

A number of other research firms also recently weighed in on BNS. TD Securities boosted their price target on shares of Bank of Nova Scotia from C$80.00 to C$82.00 in a research note on Friday. Royal Bank of Canada boosted their price target on shares of Bank of Nova Scotia from C$62.00 to C$65.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 28th. Cormark dropped their price target on shares of Bank of Nova Scotia from C$68.00 to C$65.00 and set a “market perform” rating for the company in a research note on Tuesday, August 20th. Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Finally, BMO Capital Markets boosted their price target on shares of Bank of Nova Scotia from C$72.00 to C$84.00 in a research note on Monday. Eight analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of Nova Scotia presently has an average rating of “Hold” and a consensus target price of C$73.75.

Bank of Nova Scotia Price Performance

Shares of Bank of Nova Scotia stock traded up C$0.78 during trading on Tuesday, hitting C$78.21. 1,542,500 shares of the company’s stock traded hands, compared to its average volume of 4,256,993. The firm’s fifty day moving average price is C$72.71 and its 200 day moving average price is C$67.19. Bank of Nova Scotia has a twelve month low of C$56.83 and a twelve month high of C$78.58. The company has a market cap of C$96.98 billion, a PE ratio of 13.70, a PEG ratio of 1.33 and a beta of 0.97.

Bank of Nova Scotia (TSE:BNS) (NYSE:BNS) last announced its quarterly earnings results on Tuesday, August 27th. The bank reported C$1.63 earnings per share (EPS) for the quarter, meeting the consensus estimate of C$1.63. Bank of Nova Scotia had a net margin of 25.38% and a return on equity of 9.49%. The firm had revenue of C$8.36 billion during the quarter, compared to the consensus estimate of C$8.50 billion. As a group, equities research analysts anticipate that Bank of Nova Scotia will post 7.1286267 earnings per share for the current year.

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.