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

Bank of Nova Scotia (BNS.TO)

132.27

+0.45 (0.34%)

as of Oct 28, 2026, 8:00:00 pm Market Closed.

2151 watching

COMMENT

CDN Bank shares or ETF? As a porfolio manager, he prefers to use his expertise to pick individual stocks. An ETF gives you the group and no ability to outperform. Canadian banks are favorable over US counterparts he thinks, including the higher yield. He likes BNS and RY. He does not hold much in TD at the moment. He holds about 20% of his portfolio in banks.

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DON'T BUY

Banks did poorly in the second half of 2019. BNS has had a long downturn for two years, the enjoyed a pop on August earnings, then has since retreated down. Canadian banks do well Jan. 24- April 15. But wait till BNS itself picks up before entering, in addition to its seasonality. Need to see some momentum.

HOLD

He owns this one. It is about 50% international -- almost all outside of the US. This makes it different from all other banks. The outlook is looking good. They have bought some wealth management assets in Canada. Q4 earnings were in the middle of the pack. He thinks the dividend will grow. He would continue to hold.

HOLD

If you are holding it for a nice income stream he would stick with it. He only holds NA-T and a little bit of TD-T. Insurance companies are a better place to invest, however.

COMMENT

BNS or TD? He prefers BNS over TD. TD is more of a play on the US and he wants a bank with the least exposure in Canada.

COMMENT

Outlook for Canadian banks is solid, given fine expense control. BNS has made changes in their international operations, so it will be noisy in quarters to come, but good for the long term. BNS pays a fine dividend, but doesn't see many capital gains in any bank.

BUY

Growing loss provisions? There has been an increase in credit loss provisions and this has been a trend among all the Canadian banks. This is part of normalizing and increased regulations. Previously banks did not need provisions until they thought the loan was coming due. She has been buying into this bank. They are refocusing on core areas and into to wealth management assets. It is trading at a good valuation the dividend is growing.

DON'T BUY

If we see a Santa Clause rally in the market, most stocks will go up. Relative to the market, banks might see further erosion. He wouldn’t buy the bank just to play the rally. Still lots of changes in S. America. He would wait until January to see how it goes. We’re finishing off the seasonality of banks.

COMMENT

Seasonal now? Typically bank stocks drift higher entering earnings season, so this is normal. Even though BNS match estimates, it sold off. Normal. That said, bank stocks can still do well, though he advises rotating from Canadian to American banks which enjoy more runway. $71 is support, which previously was the resistance level. BNS is holding up well with income growth.

BUY

BNS vs. BMO He prefers BNS, though their last report disappointed. Their credit did hold up well; capital positions are strong. BMO just reported this morning. BNS pays a slightly higher yield. PB is identical. BNS will enjoy a better upside given its Latin American operations, whereas BMO is focussed on North America. Both are buys.

BUY

This has been the toughest bank to own given their exposure in Chile and other locations in South America. He still owns a little for the international returns. Investors are likely putting a higher discount on them, because of the higher risk factors. You should still be able to see high single-digit returns this upcoming year. He would always hold a basket of the Canadian banks. You could pick up some at these levels.

BUY

Results were in line with analyst estimates. Overall, banks have lagged here and represent good value here. Relative to US banks, they are trading at a good discount. Canadian housing market collapse concerns have been unfounded. Their move out of Caribbean markets was positive.

TOP PICK

Any big Canadian bank is fine. It's consolidated a lot. It's underperformed its peers, but now it's ready to break out and will make up lost ground. For once, he doesn't need to chase it. (Analysts’ price target is $78.13)

PAST TOP PICK

(A Top Pick Nov 30/18, Up 10%) Still likes it. He thinks people misjudged the company simply because it’s not a pure Canadian play. More a play on central and South American play. It has one of the highest dividends for a bank.

BUY

Your Canadian bank holdings and weighting? He owns TD and BNS (and RY), slightly overweight the TSX, because they are good income stocks and offer good stock through a diversity of businesses and earnings, regardless of the economic cycle. Only fools short the banks.

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Bank of Nova Scotia (BNS.TO)