Value Partners Investments Inc. cut its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS – Free Report) (TSE:BNS) by 24.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 510,642 shares of the bank’s stock after selling 169,226 shares during the period. Bank of Nova Scotia makes up approximately 3.2% of Value Partners Investments Inc.’s investment portfolio, making the stock its 17th largest holding. Value Partners Investments Inc.’s holdings in Bank of Nova Scotia were worth $46,576,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BNS. Squarepoint Ops LLC acquired a new stake in Bank of Nova Scotia during the 2nd quarter worth approximately $6,974,000. PensionDanmark Pensionsforsikringsaktieselskab boosted its holdings in shares of Bank of Nova Scotia by 9.3% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 178,226 shares of the bank’s stock valued at $15,460,000 after buying an additional 15,100 shares during the period. Bank of America Corp DE acquired a new position in shares of Bank of Nova Scotia in the second quarter valued at approximately $224,782,000. Wellington Management Group LLP acquired a new position in shares of Bank of Nova Scotia in the second quarter valued at approximately $354,379,000. Finally, Andra AP fonden increased its position in shares of Bank of Nova Scotia by 2.7% during the second quarter. Andra AP fonden now owns 220,260 shares of the bank’s stock worth $19,127,000 after acquiring an additional 5,700 shares in the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
BNS has been the topic of a number of research reports. National Bank Financial upgraded Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a report on Wednesday, August 26th. TD raised Bank of Nova Scotia to a “buy” rating in a research report on Wednesday, August 26th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, August 25th. Weiss Ratings raised Bank of Nova Scotia from a “buy (a-)” rating to a “buy (a)” rating in a research report on Thursday, October 8th. Finally, Keefe, Bruyette & Woods started coverage on Bank of Nova Scotia in a research note on Friday, August 21st. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Bank of Nova Scotia presently has a consensus rating of “Moderate Buy” and an average price target of $105.50.
Check Out Our Latest Stock Analysis on BNS
Bank of Nova Scotia Stock Down 0.5%
Shares of NYSE BNS traded down $0.43 during mid-day trading on Monday, hitting $91.17. The company had a trading volume of 714,397 shares, compared to its average volume of 2,319,909. 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 firm has a 50-day simple moving average of $91.47 and a two-hundred day simple moving average of $85.04. The company has a market capitalization of $110.94 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 1.03 and a beta of 1.14. Bank of Nova Scotia has a one year low of $63.74 and a one year high of $95.74.
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 EPS for the quarter, beating the consensus estimate of $1.53 by $0.11. The firm had revenue of $7.52 billion during the quarter, compared to analysts’ expectations of $7.11 billion. Bank of Nova Scotia had a return on equity of 16.12% and a net margin of 13.91%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.84 earnings per share. On average, equities analysts expect 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. Investors of record on Tuesday, October 6th will be paid a C$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 5.0%. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 57.87%.
Bank of Nova Scotia Profile
Bank of Nova Scotia, operating under the Scotiabank name, is a Canadian financial services company that provides banking and related services to individuals, businesses, institutions and governments. Its principal businesses include Canadian Banking, International Banking, Global Wealth Management and Global Banking and Markets.
The company offers personal and commercial deposit accounts, mortgages, consumer and business loans, credit cards, payments and other financial products. Through its wealth management operations, Scotiabank provides investment, advisory, brokerage and private banking services.
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