Bank Of Nova Scotia (BNS) Receives a Rating Update from a Top Analyst

In a report released yesterday, Ebrahim Poonawala from Bank of America Securities reiterated a Hold rating on Bank Of Nova Scotia, with a price target of C$112.00. The company’s shares closed yesterday at C$104.03.

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According to TipRanks, Poonawala is a top 100 analyst with an average return of 19.0% and a 76.02% success rate. Poonawala covers the Financial sector, focusing on stocks such as Citigroup, US Bancorp, and Goldman Sachs Group.

In addition to Bank of America Securities, Bank Of Nova Scotia also received a Hold from Barclays’s Brian Morton in a report issued yesterday. However, on February 17, Raymond James maintained a Buy rating on Bank Of Nova Scotia (NYSE: BNS).

Based on Bank Of Nova Scotia’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of C$18.21 billion and a net profit of C$2.22 billion. In comparison, last year the company earned a revenue of C$18.89 billion and had a net profit of C$1.64 billion

Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BNS in relation to earlier this year.