Cidel Asset Management Inc. lifted its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS – Free Report) (TSE:BNS) by 119.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 353,888 shares of the bank’s stock after buying an additional 192,388 shares during the quarter. Bank of Nova Scotia makes up approximately 1.5% of Cidel Asset Management Inc.’s portfolio, making the stock its 19th biggest position. Cidel Asset Management Inc.’s holdings in Bank of Nova Scotia were worth $30,748,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Prospera Financial Services Inc lifted its stake in Bank of Nova Scotia by 3.9% in the fourth quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank’s stock worth $341,000 after acquiring an additional 173 shares during the last quarter. Larson Financial Group LLC grew its holdings in Bank of Nova Scotia by 22.3% during the 4th quarter. Larson Financial Group LLC now owns 1,280 shares of the bank’s stock worth $94,000 after acquiring an additional 233 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Bank of Nova Scotia by 8.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,193 shares of the bank’s stock valued at $235,000 after purchasing an additional 239 shares during the last quarter. Parallel Advisors LLC increased its position in shares of Bank of Nova Scotia by 8.5% in the 3rd quarter. Parallel Advisors LLC now owns 3,326 shares of the bank’s stock valued at $215,000 after purchasing an additional 261 shares during the last quarter. Finally, Greenspring Advisors LLC raised its holdings in shares of Bank of Nova Scotia by 7.9% in the 2nd quarter. Greenspring Advisors LLC now owns 3,778 shares of the bank’s stock valued at $328,000 after purchasing an additional 275 shares in the last quarter. 49.13% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
BNS has been the subject of several recent analyst reports. Weiss Ratings raised shares of Bank of Nova Scotia from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, September 1st. Royal Bank Of Canada increased their target price on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a report on Thursday, May 28th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, August 25th. Keefe, Bruyette & Woods assumed coverage on Bank of Nova Scotia in a report on Friday, August 21st. They set an “outperform” rating for the company. Finally, National Bank Financial raised Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $117.00.
Bank of Nova Scotia Trading Down 1.1%
NYSE:BNS opened at $92.83 on Wednesday. Bank of Nova Scotia has a 12-month low of $62.98 and a 12-month high of $95.34. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. The stock’s 50 day simple moving average is $89.07 and its 200-day simple moving average is $80.99. The firm has a market cap of $113.14 billion, a P/E ratio of 16.80, a PEG ratio of 1.05 and a beta of 1.12.
Bank of Nova Scotia (NYSE:BNS – Get Free Report) (TSE:BNS) last issued its quarterly earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.11. The firm had revenue of $7.52 billion during the quarter, compared to the consensus estimate of $7.11 billion. Bank of Nova Scotia had a return on equity of 16.12% and a net margin of 13.91%.The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the company earned $1.84 earnings per share. Equities analysts anticipate that Bank of Nova Scotia will post 6.19 EPS for the current year.
Bank of Nova Scotia Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Tuesday, October 6th will be issued a $1.14 dividend. The ex-dividend date of this dividend is Tuesday, October 6th. This represents a $4.56 annualized dividend and a dividend yield of 4.9%. Bank of Nova Scotia’s payout ratio is presently 59.49%.
About Bank of Nova Scotia
The Bank of Nova Scotia, operating as Scotiabank, is a Canadian financial institution headquartered in Toronto, Ontario. Founded in Halifax in 1832, the bank provides banking and financial services to individuals, businesses, institutions and governments.
Scotiabank’s principal activities include Canadian personal and commercial banking, international banking, global wealth management, and global banking and markets. Its products and services include deposit accounts, mortgages, consumer and commercial loans, credit cards, investment products, financial planning, asset management, foreign exchange, capital markets services and corporate banking.
The bank serves customers across Canada and maintains international operations in Mexico, Peru, Chile, the Caribbean, Central America and other selected markets.
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