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 target price decreased by research analysts at Royal Bank of Canada from $83.00 to $81.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 61.06% from the company’s current price.

Several other research firms have also commented on BNS. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Finally, CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Bank of Nova Scotia has a consensus rating of “Hold” and an average price target of $75.50.

Bank of Nova Scotia Stock Up 0.9 %

NYSE:BNS traded up $0.43 during trading hours on Wednesday, reaching $50.29. 343,469 shares of the stock were exchanged, compared to its average volume of 1,847,525. Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month high of $57.07. The firm has a 50 day moving average of $51.85 and a 200 day 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 stock has a market cap of $62.64 billion, a PE ratio of 11.63, a PEG ratio of 1.16 and a beta of 1.07.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its holdings in Bank of Nova Scotia by 17.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock valued at $241,981,000 after buying an additional 660,097 shares in the last quarter. Intact Investment Management Inc. lifted its stake in Bank of Nova Scotia by 48.3% during the third quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock worth $85,201,000 after purchasing an additional 509,120 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Bank of Nova Scotia by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,744,062 shares of the bank’s stock valued at $204,214,000 after buying an additional 150,247 shares in the last quarter. Citigroup Inc. lifted its stake in Bank of Nova Scotia by 12.3% during the 3rd quarter. Citigroup Inc. now owns 580,664 shares of the bank’s stock worth $31,673,000 after acquiring an additional 63,528 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in Bank of Nova Scotia by 2.4% during the 3rd quarter. CIBC Asset Management Inc now owns 10,074,518 shares of the bank’s stock valued at $550,729,000 after acquiring an additional 240,803 shares during the period. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia Company Profile

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.