MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd cut its holdings in Bank of Nova Scotia (The) (NYSE:BNS – Free Report) (TSE:BNS) by 3.2% during the third quarter, HoldingsChannel reports. The firm owned 444,227 shares of the bank’s stock after selling 14,599 shares during the period. Bank of Nova Scotia comprises about 5.2% of MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd’s investment portfolio, making the stock its 3rd biggest holding. MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd’s holdings in Bank of Nova Scotia were worth $40,354,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of BNS. Canada Pension Plan Investment Board purchased a new stake in Bank of Nova Scotia during the second quarter worth about $1,016,738,000. Legal & General Group Plc acquired a new position in Bank of Nova Scotia in the 2nd quarter valued at about $709,837,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Bank of Nova Scotia during the second quarter valued at approximately $567,278,000. Dimensional Fund Advisors LP lifted its stake in shares of Bank of Nova Scotia by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,008,689 shares of the bank’s stock worth $416,415,000 after purchasing an additional 154,541 shares during the period. Finally, Bank of America Corp DE boosted its stake in Bank of Nova Scotia by 8.7% in the 1st quarter. Bank of America Corp DE now owns 5,024,708 shares of the bank’s stock worth $348,263,000 after buying an additional 400,382 shares during the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on BNS shares. TD raised shares of Bank of Nova Scotia to a “buy” rating in a research report on Wednesday, August 26th. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, August 25th. National Bank Financial raised shares of Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a report on Wednesday, August 26th. Weiss Ratings upgraded Bank of Nova Scotia from a “buy (a-)” rating to a “buy (a)” rating in a report on Thursday, October 8th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Bank of Nova Scotia in a research note on Friday, August 21st. They set an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Bank of Nova Scotia currently has an average rating of “Moderate Buy” and an average target price of $105.50.
View Our Latest Stock Analysis on Bank of Nova Scotia
Bank of Nova Scotia Stock Up 0.7%
Shares of Bank of Nova Scotia stock opened at $94.53 on Thursday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. Bank of Nova Scotia has a 1 year low of $64.80 and a 1 year high of $95.74. The stock has a 50-day moving average price of $91.82 and a 200 day moving average price of $82.11. The company has a market cap of $115.03 billion, a P/E ratio of 17.11, a P/E/G ratio of 1.04 and a beta of 1.14.
Bank of Nova Scotia (NYSE:BNS – Get Free Report) (TSE:BNS) last posted its earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.53 by $0.11. Bank of Nova Scotia had a return on equity of 16.12% and a net margin of 13.91%. The company had revenue of $7.52 billion for the quarter, compared to analyst estimates of $7.11 billion. During the same period last year, the company earned $1.84 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Bank of Nova Scotia will post 6.19 EPS for the current fiscal year.
Bank of Nova Scotia announced that its board has initiated a share repurchase plan on Friday, October 2nd that permits the company to buy back 40,000,000 shares. This buyback authorization permits the bank to buy up to 3.3% of its shares through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.
Bank of Nova Scotia Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 28th. Shareholders of record on Tuesday, October 6th were issued a C$1.14 dividend. The ex-dividend date of this dividend was Tuesday, October 6th. This represents a $4.56 dividend on an annualized basis and a yield of 4.8%. Bank of Nova Scotia’s dividend payout ratio is 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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