Royal Bank of Canada Increases Bank of Nova Scotia (NYSE:BNS) Price Target to $74.00

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) had its price objective hoisted by Royal Bank of Canada from $65.00 to $74.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “sector perform” rating on the bank’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 33.89% from the stock’s previous close.

Several other brokerages also recently weighed in on BNS. 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. UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Cibc World Mkts upgraded Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday, September 20th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $72.00.

Bank of Nova Scotia Price Performance

Shares of NYSE:BNS traded up $0.49 during trading on Wednesday, hitting $55.27. 476,004 shares of the company were exchanged, compared to its average volume of 1,757,847. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $68.78 billion, a P/E ratio of 13.22, a price-to-earnings-growth ratio of 1.46 and a beta of 1.07. The business’s 50 day moving average is $53.85 and its 200-day moving average is $49.84. Bank of Nova Scotia has a 1-year low of $43.67 and a 1-year high of $57.07.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BNS. Sigma Planning Corp increased its stake in Bank of Nova Scotia by 1.9% during the 3rd quarter. Sigma Planning Corp now owns 11,089 shares of the bank’s stock worth $604,000 after buying an additional 210 shares during the period. Signaturefd LLC boosted its stake in shares of Bank of Nova Scotia by 1.2% during the 3rd quarter. Signaturefd LLC now owns 18,470 shares of the bank’s stock worth $1,006,000 after purchasing an additional 216 shares during the last quarter. Addison Advisors LLC raised 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 buying an additional 227 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Bank of Nova Scotia by 11.9% during the third quarter. Farther Finance Advisors LLC now owns 2,713 shares of the bank’s stock valued at $148,000 after purchasing an additional 288 shares during the period. Finally, Pinnacle Associates Ltd. boosted its holdings in Bank of Nova Scotia by 1.1% in the third quarter. Pinnacle Associates Ltd. now owns 27,800 shares of the bank’s stock worth $1,515,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds own 49.13% of the company’s stock.

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.