Royal Bank of Canada Cuts Bank of Nova Scotia (NYSE:BNS) Price Target to $81.00

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) had its price target trimmed by Royal Bank of Canada from $83.00 to $81.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a sector perform rating on the bank’s stock.

A number of other research analysts have also recently issued reports on BNS. Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Finally, Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $75.50.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock opened at $49.61 on Wednesday. The business has a 50 day simple moving average of $51.64 and a 200 day simple moving average of $52.38. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $61.79 billion, a PE ratio of 11.48, a price-to-earnings-growth ratio of 1.16 and a beta of 1.07. Bank of Nova Scotia has a one year low of $43.67 and a one year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st will be paid a $0.7415 dividend. This represents a $2.97 dividend on an annualized basis and a dividend yield of 5.98%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio is presently 68.06%.

Institutional Trading of Bank of Nova Scotia

Hedge funds have recently modified their holdings of the stock. Magnus Financial Group LLC lifted its holdings in Bank of Nova Scotia by 4.1% during the 4th quarter. Magnus Financial Group LLC now owns 5,100 shares of the bank’s stock worth $274,000 after buying an additional 200 shares in the last quarter. Sigma Planning Corp raised its position in shares of Bank of Nova Scotia by 1.9% during the third quarter. Sigma Planning Corp now owns 11,089 shares of the bank’s stock worth $604,000 after acquiring an additional 210 shares during the last quarter. Private Advisor Group LLC lifted its stake in shares of Bank of Nova Scotia by 3.5% during the fourth quarter. Private Advisor Group LLC now owns 6,248 shares of the bank’s stock valued at $336,000 after acquiring an additional 211 shares during the period. Addison Advisors LLC boosted its holdings in Bank of Nova Scotia by 7.3% in the third quarter. Addison Advisors LLC now owns 3,357 shares of the bank’s stock valued at $183,000 after acquiring an additional 227 shares during the last quarter. Finally, Moran Wealth Management LLC increased its position in Bank of Nova Scotia by 6.5% in the fourth quarter. Moran Wealth Management LLC now owns 3,925 shares of the bank’s stock worth $211,000 after purchasing an additional 240 shares during the period. 49.13% of the stock is owned by institutional investors.

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.