Published: Thu, November 30, 2017
Markets | By Rosalie Gross

TSX ends down as Scotiabank leads financials lower (BNS)

TSX ends down as Scotiabank leads financials lower (BNS)

One equities research analyst has rated the stock with a sell rating, one has given a hold rating and ten have assigned a buy rating to the company. Canaccord Genuity lifted their price target on shares of Bank of Nova Scotia from C$88.00 to C$92.00 in a research note on Wednesday, November 1st. Bank of Nova Scotia has a 1-year low of C$73.25 and a 1-year high of C$85.50. Bank of Nova Scotia had a return on equity of 14.91% and a net margin of 30.50%.

Shares of Bank of Nova Scotia (TSE:BNS) traded down C$1.75 on Wednesday, hitting C$81.73.

The consumer discretionary group added 0.9 percent, with auto parts maker Magna International Inc up 2.1 percent at C$70.44 and discount store chain Dollarama Inc up 0.9 percent at C$164.80 after Eight Capital raised its price target on the stock to C$185 from C$150.

Canada's main stock index ended slightly lower on Tuesday, weighed by a fall in Bank of Nova Scotia shares after it agreed to buy a bank in Chile, with investors rattled after North Korea fired a ballistic missile.

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Bank of Nova Scotia's (BNS.TO) fourth-quarter profit rose three per cent as double-digit growth in its core Canadian banking and worldwide units was partially offset by weakness in capital markets.

Scotiabank is the first Canadian lender to report fourth-quarter earnings and may be a harbinger for how the country's other large banks fare on the domestic front and in capital markets.

Profit in Scotiabank's key Canadian banking operations rose by 12 per cent in the latest quarter, to more than $1-billion, though 7 per cent of that income growth came from a gain on the sale of HollisWealth, an independent adviser network. The shares were sold at an average price of C$76.76, for a total transaction of C$546,070.64. Also, insider Kyle Mcnamara sold 3,036 shares of the firm's stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of C$80.53, for a total transaction of C$244,489.08. Over the last three months, insiders sold 10,364 shares of company stock worth $807,789.

ILLEGAL ACTIVITY NOTICE: This report was posted by StockNewsTimes and is the sole property of of StockNewsTimes. MML Investors Services LLC grew its holdings in shares of Bank of Nova Scotia by 2.2% during the second quarter. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

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