Scotiabank could be investor safe haven – Barron’s
August 18th, 2008 | by admin |NEW YORK, Aug 17 (Reuters) – Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz)(BNS.N: Quote, Profile, Research, Stock Buzz) could offer a safe haven for investors because it isnot afflicted with hard-to-value credit assets and hugesubprime write-downs, Barron’s reported in its Aug. 18edition.
“It’s a well-run bank with almost zero exposure in theU.S., a 4.2 percent dividend yield — recently raised — and isnot widely followed by the Street,” Barron’s cited MatthewMcCormick, a portfolio manager at Bahl & Gaynor InvestmentCounsel, as saying.
Scotiabank, as it is called, does not face the mortgage-and credit-market losses that many of its U.S. peers do andalso has good growth exposure in Mexico, the Caribbean andSouth America, Barron’s said.
Scotiabank closed up 23 cents at $46.18 Friday on the NewYork Stock Exchange. (Reporting by Sarah Coffey, editing by Richard Chang)