160,390 Bank of Nova Scotia (The) $BNS Shares Sold by Cardinal Capital Management Inc.

Key Points

• Cardinal Capital Management reduced its Bank of Nova Scotia position by 7.9%, selling 160,390 shares and retaining 1.86 million shares worth approximately $169.4 million. Institutional investors overall own 49.13% of the bank.
• Analyst sentiment improved, with several firms upgrading the stock to “Buy” or “Outperform.” Bank of Nova Scotia has a consensus rating of “Moderate Buy” and an average price target of $105.50.
• The bank exceeded quarterly earnings and revenue expectations, reporting $1.64 in EPS and $7.52 billion in revenue. It also declared a quarterly dividend of C$1.14, representing a 5.0% annualized yield.

Cardinal Capital Management Inc. decreased its position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 7.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,858,134 shares of the bank's stock after selling 160,390 shares during the period. Bank of Nova Scotia accounts for 3.8% of Cardinal Capital Management Inc.'s investment portfolio, making the stock its 5th biggest holding. Cardinal Capital Management Inc. owned 0.15% of Bank of Nova Scotia worth $169,402,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Canada Pension Plan Investment Board purchased a new position in shares of Bank of Nova Scotia in the 2nd quarter worth approximately $1,016,738,000. Legal & General Group Plc purchased a new stake in shares of Bank of Nova Scotia during the second quarter valued at approximately $709,837,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Bank of Nova Scotia during the second quarter valued at approximately $567,278,000. Dimensional Fund Advisors LP increased its position in shares of Bank of Nova Scotia by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 6,008,689 shares of the bank's stock valued at $416,415,000 after acquiring an additional 154,541 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in Bank of Nova Scotia during the second quarter worth $416,397,000. Institutional investors own 49.13% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. National Bank Financial upgraded Bank of Nova Scotia from a "sector perform" rating to an "outperform" rating in a research note on Wednesday, August 26th. TD upgraded Bank of Nova Scotia to a "buy" rating in a research note on Wednesday, August 26th. TD Securities raised shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Tuesday, August 25th. Weiss Ratings upgraded shares of 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 assumed coverage on shares of Bank of Nova Scotia in a research report on Friday, August 21st. They set an "outperform" rating for the company. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $105.50.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock traded up $0.46 during trading on Friday, hitting $91.58. The stock had a trading volume of 909,735 shares, compared to its average volume of 2,011,292. The stock's 50 day moving average is $91.42 and its two-hundred day moving average is $84.77. Bank of Nova Scotia has a 1 year low of $63.68 and a 1 year high of $95.74. The stock has a market cap of $111.44 billion, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 1.02 and a beta of 1.14. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $7.52 billion during the quarter, compared to the consensus estimate of $7.11 billion. During the same period last year, the business posted $1.84 earnings per share. The business's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, analysts predict that Bank of Nova Scotia will post 6.19 EPS for the current year.

Bank of Nova Scotia Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Tuesday, October 6th will be issued 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 yield of 5.0%. Bank of Nova Scotia's dividend payout ratio (DPR) is 57.87%.

About Bank of Nova Scotia

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian financial services company headquartered in Toronto, Ontario. Founded in 1832, it is one of Canada's largest banks and provides a broad range of banking and financial services to individuals, businesses, institutions and governments.

Scotiabank's principal activities include Canadian personal and commercial banking, wealth management, and global banking and markets. Its products and services include deposit accounts, residential mortgages, consumer and business loans, credit cards, investment and advisory services, foreign exchange, capital markets and corporate finance.

The bank serves customers across Canada and maintains international operations, particularly in Mexico, Peru, Chile and selected markets in the Caribbean and Central America.

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