Macquarie Downgrades Bank of Nova Scotia to Neutral

Brokerage firm Macquarie Downgrades its rating on Bank of Nova Scotia(NYSE:BNS). The shares have been rated Neutral. Previously, the analysts had a Outperform rating on the shares. The rating by Macquarie was issued on Jun 9, 2016.

Bank of Nova Scotia (BNS) shares turned negative on Wednesdays trading session with the shares closing down -0.53 points or -1.05% at a volume of 10,42,569. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $50.35. The peak price level was also seen at $50.35 while the days lowest was $49.68. Finally the shares closed at $49.72. The 52-week high of the shares is $54.21 while the 52-week low is $35.01. According to the latest information available, the market cap of the company is $59,800 M.

Bank of Nova Scotia has also declared a cash dividend of $0.7200 on May 31, 2016. The shares will quote ex-dividend on Jun 30, 2016 and the record date has been fixed on Jul 5, 2016. The dividend payable date has been fixed on Jul 27, 2016.

Bank of Nova Scotia(BNS) last announced its earnings results on May 31, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $5.08B. Analysts had an estimated revenue of $6.43B. Earnings per share were $1.12. Analysts had estimated an EPS of $1.44.

The Bank of Nova Scotia (the Bank) is a Canada-based diversified financial institution. The Bank offered a range of products and services including retail commercial corporate and investment banking to more than 21 million customers in more than 55 countries around the world. The Bank has four business lines: Canadian Banking International Banking Scotia Capital and Global Wealth Management. The Canadian Banking segment provided a range of banking and investing services to more than 7.7 million customers across Canada through a network of 1190 branches 3869 automated banking machine (ABMs) as well as telephone Internet banking and third-party channels. International Banking includes Scotiabank’s retail and commercial banking operations in more than 55 countries outside Canada. Global Wealth Management (GWM) consists of wealth management insurance and Global Transaction Banking businesses.

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