Bank of Nova Scotia (BNS.TO) Buy, Sell or Hold

Bank of Nova Scotia (BNS.TO)

123.48

+0.45 (0.37%)

as of Jun 19, 2026, 8:00:01 pm Market Open.

1426 watching

BUY

Unique footprint. With the pandemic, they're in regions of the world where the response wasn't as swift as it was in developed markets. Pruned international operations and built up Canadian wealth business. Well positioned for the longer term. Valuation and dividend yield are attractive right now.

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DON'T BUY

Its international exposure makes it stand out, but this faces a strong USD. Their rivals are more aggressive in expanding in the U.S. BNS didn't make the smartest bet by emphasizing Latin America who BNS has stumbled. He no longer owns this.

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Curated by Michael O'Reilly since 2020.
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TOP PICK

Stockchase Research Editor: Michael O'Reilly With a reliable dividend growing annually at 5%, BNS is selected as a TOP PICK. Analysts expect earnings grow of 7% over the year. It trades at 9x earnings and only 1.3x book value. Earnings continue to beat expectations and support a 15% ROE. The dividend yield is great and is backed by a payout ratio under 50% of cash flow. We recommend a stop loss at $67.50, looking to achieve $90 -- upside potential over 18%. Yield 5.45% (Analysts’ price target is $90.04)

BUY

The Canadian banks have pulled back this year, though are outperforming the U.S. ones. The concern is higher interest rates, the impact on the housing market, and high inflation that could tip the economy into recession. Now, the banks are attractive; forward PE are single-digit and price-to-book are historically low. Share prices are discounting a slowdown, but the banks will continue to grow. The banks set up a lot of provisions during the pandemic and haven't released all of them; rather, they will slowly rebuild those provisions. The yields remain attractive.

DON'T BUY

Doesn't own any of the Canadian banking cartel. This industry needs disruption and more competition. Banks have enjoyed excess profits because they are a cartel. TD and Royal were the leaders here, but return in invested capital are in the mid-10s. Sure, reliable returns, but that is due to an oligopoly. More banks would benefit the Canadian consumer, certainly.

BUY

BNS vs. CIBC or both? If you bought and held Canadian banks in 1976, they would have outperformed the markets. Banks enjoy an oligopoly. CIBC has had everything go wrong in the last 20 years, but they have now regained credibility. CIBC is more exposed to Canada than its peers. BNS is a big player in Latin America. CIBC is a solid play on the Canadian economy, driven by high oil prices (and the Russian war). BNS is invested in high-growth companies in Mexico, Peru and Chile. BNS will be more volatile than CIBC because of high oil prices and food shortage, but if those economies do well then BNS will also do very well.

PAST TOP PICK

(A Top Pick Jun 21/21, Up 6%) It has caught up but has since sold off. The challenges are due to international banking. Also it announced recently it is moving from unsecured lending to secured lending so it doesn't have the financial flexibility of other banks. He is considering selling and moving the money elsewhere.

PAST TOP PICK

(A Top Pick Aug 25/21, Up 4%) It is like CM and all banks. It should break through good tech support at about $78. There is not enough to move banks up.

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HOLD

Watch earnings this month. Look at how increase in net interest margins is perhaps offset by slowing in mortgages. Loan book will be under scrutiny. This year has been tough on investment banking, due to few IPOs and little M&A. Examine strength of international operations. Great yield, low PE and price to book. Canadian banks have lots of capital, and you can get though these times owning them.

BUY

Are bank stocks safe again? Canadian banks have outperformed the TSX throughout his entire career. There's fear that rising rates will make mortgages uncertain. But given this correction, you can nibble at the Canadian banks now, one of the safest assets in Canada, since they are protected by law. His favourite bank here is BNS given their exposure in South America, which were badly hit by Covid and they have wide mining exposure. The safer bet is CIBC, because it's well-managed, is more exposed to the Canadian economy which is thriving because of demand for natural resources, and it pays a good dividend.

STRONG BUY

One of his favourites at the moment among Canadian banks. Price to book ratio is middle of the pack. Internationally exposed, especially South America, which is more exposed to the commodity cycle. Expects it to do well for the next number of years. Yield is amongst the highest.

BUY

BNS vs. NA Prefers BNS. Refocused, sold off non-core international geographies. Well positioned. Gives you exposure to international and Latin American economies, which may be uneven but represent more attractive long-term growth.

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Curated by Michael O'Reilly since 2020.
1550+ opinions with 4.81 rating (one of the best performing expert).

PAST TOP PICK

(A Top Pick Feb 10/22, Down 6.5%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with BNS has triggered its stop at $$87.50. To remain disciplined, we recommend covering the position at this time. This will result in a net investment loss of 2%, when combined with the previous buy recommendation. We will watch for future re-entry into the position.

HOLD

Like TD Bank it is a long term hold for 5 to 10 years. Its fair market value is quite a bit higher.

PAST TOP PICK

(A Top Pick Apr 09/21, Up 20.44%) Yield of 4.3%, reasonable payout ratio. You can hold it for the long run. He's been cutting back on financial exposure in general, because the yield curve is not as favourable and puts pressure on the banks.

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