Bank of Nova Scotia (NYSE:BNS) Lowered to “Sell” at StockNews.com

StockNews.com lowered shares of Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) from a hold rating to a sell rating in a research report report published on Thursday morning.

A number of other equities research analysts also recently weighed in on the stock. Scotiabank downgraded shares of Bank of Nova Scotia from a buy rating to a hold rating in a research note on Tuesday, February 28th. Royal Bank of Canada cut their price target on Bank of Nova Scotia from $86.00 to $77.00 and set a sector perform rating for the company in a report on Wednesday, March 1st. Finally, Canaccord Genuity Group cut Bank of Nova Scotia from a buy rating to a hold rating in a report on Wednesday, March 1st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Bank of Nova Scotia presently has a consensus rating of Hold and an average target price of $87.15.

Bank of Nova Scotia Price Performance

Shares of BNS opened at $51.48 on Thursday. Bank of Nova Scotia has a twelve month low of $45.26 and a twelve month high of $74.82. The firm has a market cap of $61.35 billion, a PE ratio of 9.26, a PEG ratio of 2.10 and a beta of 1.01. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.05 and a current ratio of 1.04. The firm’s 50 day moving average price is $52.05 and its 200 day moving average price is $51.53.

Bank of Nova Scotia Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 26th. Investors of record on Tuesday, April 4th will be paid a $0.774 dividend. This represents a $3.10 dividend on an annualized basis and a yield of 6.01%. The ex-dividend date of this dividend is Monday, April 3rd. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.76. Bank of Nova Scotia’s dividend payout ratio is 54.68%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its position in Bank of Nova Scotia by 59.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 26,438 shares of the bank’s stock valued at $1,896,000 after purchasing an additional 9,818 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in Bank of Nova Scotia by 2.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,359 shares of the bank’s stock valued at $1,317,000 after acquiring an additional 475 shares during the period. Cetera Advisor Networks LLC acquired a new stake in Bank of Nova Scotia in the first quarter valued at approximately $366,000. Private Advisor Group LLC grew its stake in Bank of Nova Scotia by 56.3% in the first quarter. Private Advisor Group LLC now owns 7,272 shares of the bank’s stock valued at $522,000 after acquiring an additional 2,619 shares during the period. Finally, BlackRock Inc. boosted its position in shares of Bank of Nova Scotia by 10.3% during the first quarter. BlackRock Inc. now owns 870,918 shares of the bank’s stock valued at $62,462,000 after buying an additional 81,002 shares during the last quarter. 45.19% of the stock is owned by institutional investors and hedge funds.

About Bank of Nova Scotia

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The Bank of Nova Scotia engages in the provision of financial products and services including personal, commercial, corporate, and investment banking. It operates through the following segments: Canadian Banking, International Banking, Global Wealth Management, Global Banking and Markets, and Other. The Other segment includes group treasury and smaller operating segments.