Published: Fri, March 03, 2017
Finance | By Laverne Griffith

Bank of Nova Scotia posts 1Q profit

Bank of Nova Scotia posts 1Q profit

"Bank of Nova Scotia (BNS) Price Target Increased to C$86.00 by Analysts at Desjardins" was first reported by BBNS and is owned by of BBNS.

08/30/2016 - Bank of Nova Scotia (The) had its "buy" rating reiterated by analysts at TD Securities. The Manufacturers Life Insurance Company acquired a new position in Bank of Nova Scotia (The) during the third quarter worth approximately $363,773,000. The stock has a market capitalization of $94.69 billion and a price-to-earnings ratio of 13.59. Bank of Nova Scotia has recorded a 50-day average of $78.78 and a two hundred day average of $73.33.

A number of equities analysts have recently commented on BNS shares.

11/23/2015 - Bank of Nova Scotia (The) had its "market perform" rating reiterated by analysts at Keefe, Bruyette & Woods. Mackenzie Financial Corp raised its position in Bank of Nova Scotia (The) by 352.6% in the second quarter.

Chief Executive Brian Porter said during a conference call Tuesday morning that the bank "delivered strong results in the beginning of the year and we expect this momentum to continue for the rest of the year".

The average estimate was C$1.57 per share, according to Thomson Reuters I/B/E/S data. Revenue rose almost 8% to C$6.87 billion from a year earlier. Royal Bank of Canada dropped their target price on Bank of Nova Scotia from C$87.00 to C$86.00 and set an "outperform" rating for the company in a research report on Wednesday.

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Toronto-based Scotiabank, Canada's third-largest bank by assets, posted a net profit of 2.01 billion Canadian dollars ($1.52 billion) for the quarter ended January 31, up from C$1.81 billion a year earlier. The ex-dividend date is Thursday, December 29th.

"Bank of Montreal beat expectations by a wider margin than Bank of Nova Scotia, which is one of the reasons why the stock is doing better", Raymond James Ltd. analyst Ian Nakamoto told Bloomberg. Finally, Emerald Acquisition Ltd. acquired a new position in Bank of Nova Scotia (The) during the second quarter worth approximately $148,627,000.

Wealth management, which includes insurance, rose 81 percent to C$266 million, while BMO Capital Markets, coming off its most successful year for US dealmaking, posted a 46 percent increase in earnings to C$376 million. Its segments include Canadian Banking, which provides a suite of financial advice and banking solutions to retail, small business, commercial and wealth management customers in Canada; International Banking, which provides a range of financial products, solutions and advice to retail and commercial customers in select regions outside of Canada; Global Banking and Markets, which provides corporate banking, investment banking, capital markets and transaction banking solutions, and Other, which represents smaller operating segments, including Group Treasury.

Toronto-based Scotiabank has operations in more than 55 countries, including Latin America, the Caribbean and Asia.

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