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CIBC Believes Bank Of Nova Scotia (BNS) Won’t Stop Here

In a report released yesterday, Paul Holden from CIBC maintained a Buy rating on Bank Of Nova Scotia (BNSResearch Report), with a price target of C$105.00. The company’s shares closed last Thursday at $72.42, close to its 52-week high of $74.86.

According to TipRanks.com, Holden is a 4-star analyst with an average return of 8.9% and a 59.2% success rate. Holden covers the Financial sector, focusing on stocks such as National Bank of Canada, Toronto Dominion Bank, and Canadian Western Bank.

Currently, the analyst consensus on Bank Of Nova Scotia is a Strong Buy with an average price target of $75.62, a 3.8% upside from current levels. In a report issued on February 14, RBC Capital also maintained a Buy rating on the stock with a C$99.00 price target.

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Based on Bank Of Nova Scotia’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $6.94 billion and net profit of $2.49 billion. In comparison, last year the company earned revenue of $7.46 billion and had a net profit of $1.83 billion.

Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BNS in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Founded in 1832, Canada-based Bank of Nova Scotia provides various financial products and services, including personal, commercial, corporate, and investment banking. It operates through the following segments: Canadian Banking, International Banking, Global Banking and Markets, and Global Wealth Management.

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