5 Canadian Stocks to Buy Amid Rate Hikes

In this article, we discuss 5 Canadian stocks to buy amid rate hikes. If you want to see more stocks in this selection, check out 10 Canadian Stocks to Buy Amid Rate Hikes. 

5. The Bank of Nova Scotia (NYSE:BNS)

Number of Hedge Fund Holders: 18

The Bank of Nova Scotia (NYSE:BNS) was founded in 1832 and is headquartered in Halifax, Canada. The bank operates in four segments – Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets, offering its services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean, and Central America.

On May 25, the company announced its Q1 2022 financial results, posting earnings per share of $1.70, topping market consensus estimates by $0.17. The $6.20 billion revenue also surpassed Street estimates by $62.20 million. Higher rates helped the stock considerably in Q1. 

The Bank of Nova Scotia (NYSE:BNS) on May 27 declared a C$1.03 per share quarterly dividend, a 3% increase from its last dividend of C$1.00. The dividend is payable on July 27, to shareholders of the company on July 5. The company delivers a dividend yield of 5.03% as of June 10. 

Canaccord analyst Scott Chan on May 26 maintained a Buy rating on The Bank of Nova Scotia (NYSE:BNS) and raised the firm’s price target on the stock to C$92 from C$89. 

According to Insider Monkey’s data, 18 hedge funds were bullish on The Bank of Nova Scotia (NYSE:BNS) at the end of March 2022, up from 15 funds in the preceding quarter. Joseph Sirdevan’s Galibier Capital Management is one of the leading shareholders of the company, with 641,501 shares worth $46 million.