Letko Brosseau & Associates Inc. Has $432.31 Million Stock Position in Bank of Nova Scotia (NYSE:BNS)

Letko Brosseau & Associates Inc. lifted its stake in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,031,325 shares of the bank’s stock after acquiring an additional 192,941 shares during the quarter. Bank of Nova Scotia comprises approximately 4.4% of Letko Brosseau & Associates Inc.’s holdings, making the stock its largest position. Letko Brosseau & Associates Inc. owned about 0.66% of Bank of Nova Scotia worth $432,312,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Gulf International Bank UK Ltd boosted its stake in Bank of Nova Scotia by 1.5% during the 1st quarter. Gulf International Bank UK Ltd now owns 23,900 shares of the bank’s stock valued at $1,255,000 after purchasing an additional 350 shares during the period. Atlas Capital Advisors LLC boosted its stake in Bank of Nova Scotia by 456.6% during the 1st quarter. Atlas Capital Advisors LLC now owns 462 shares of the bank’s stock valued at $25,000 after purchasing an additional 379 shares during the period. Quadrant Capital Group LLC boosted its stake in Bank of Nova Scotia by 4.6% during the 2nd quarter. Quadrant Capital Group LLC now owns 9,104 shares of the bank’s stock valued at $486,000 after purchasing an additional 401 shares during the period. Cornerstone Advisors Inc. boosted its stake in Bank of Nova Scotia by 19.8% during the 1st quarter. Cornerstone Advisors Inc. now owns 2,533 shares of the bank’s stock valued at $135,000 after purchasing an additional 419 shares during the period. Finally, Private Capital Group LLC boosted its stake in Bank of Nova Scotia by 9,420.0% during the 1st quarter. Private Capital Group LLC now owns 476 shares of the bank’s stock valued at $25,000 after purchasing an additional 471 shares during the period. Institutional investors own 46.26% of the company’s stock.

Bank of Nova Scotia stock traded down $0.32 during trading hours on Thursday, hitting $50.52. The stock had a trading volume of 349,665 shares, compared to its average volume of 704,508. The company’s 50-day simple moving average is $53.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $62.11 billion, a P/E ratio of 9.29, a PEG ratio of 1.95 and a beta of 1.16. Bank of Nova Scotia has a fifty-two week low of $48.34 and a fifty-two week high of $60.60.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, May 28th. The bank reported $1.70 EPS for the quarter, missing the consensus estimate of $1.74 by ($0.04). The firm had revenue of $7.80 billion during the quarter, compared to analyst estimates of $7.60 billion. Bank of Nova Scotia had a net margin of 19.20% and a return on equity of 13.55%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $1.70 EPS. On average, equities analysts anticipate that Bank of Nova Scotia will post 5.29 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, July 29th. Shareholders of record on Tuesday, July 2nd were issued a $0.65 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $2.60 annualized dividend and a yield of 5.15%. Bank of Nova Scotia’s dividend payout ratio (DPR) is 48.90%.

BNS has been the subject of several recent analyst reports. Barclays restated an “average” rating and set a $78.00 target price on shares of Bank of Nova Scotia in a research note on Thursday, May 30th. ValuEngine downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, Zacks Investment Research upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. Bank of Nova Scotia presently has an average rating of “Hold” and a consensus price target of $76.50.

Bank of Nova Scotia Profile

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

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Institutional Ownership by Quarter for Bank of Nova Scotia (NYSE:BNS)

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