526,844 Shares in Bank of Nova Scotia (The) $BNS Purchased by Caisse de depot et placement du Quebec

Key Points

• Caisse de dépôt et placement du Québec acquired 526,844 Bank of Nova Scotia shares worth approximately $45.8 million in the second quarter. Institutional investors collectively own 49.13% of BNS.
• Bank of Nova Scotia reported quarterly earnings of $1.47 per share, exceeding estimates by $0.05, while revenue rose 8.3% year over year to $7.24 billion.
• The bank declared a quarterly dividend of $1.14, equivalent to an annualized $4.56 payout and a 4.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $117.

Caisse de depot et placement du Quebec bought a new position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 526,844 shares of the bank's stock, valued at approximately $45,776,000.

Several other hedge funds and other institutional investors have also bought and sold shares of BNS. Norges Bank bought a new stake in shares of Bank of Nova Scotia in the fourth quarter worth approximately $1,368,456,000. Canada Pension Plan Investment Board bought a new position in Bank of Nova Scotia during the second quarter valued at approximately $1,016,738,000. Legal & General Group Plc purchased a new stake in Bank of Nova Scotia in the second quarter worth approximately $709,837,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Bank of Nova Scotia in the second quarter worth approximately $567,278,000. Finally, FIL Ltd grew its position in Bank of Nova Scotia by 49.5% in the 4th quarter. FIL Ltd now owns 16,489,540 shares of the bank's stock worth $1,216,157,000 after purchasing an additional 5,461,052 shares during the period. Institutional investors own 49.13% of the company's stock.

Bank of Nova Scotia Stock Performance

Shares of NYSE BNS opened at $92.97 on Friday. Bank of Nova Scotia has a 12-month low of $61.69 and a 12-month high of $94.96. The firm has a market capitalization of $113.32 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 1.15 and a beta of 1.11. 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 moving average of $88.03 and a 200 day moving average of $80.06.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. The business had revenue of $7.24 billion for the quarter, compared to the consensus estimate of $7.13 billion. During the same period last year, the firm earned $1.52 earnings per share. The company's quarterly revenue was up 8.3% on a year-over-year basis. On average, research analysts anticipate that Bank of Nova Scotia will post 6.06 earnings per share for the current year.

Bank of Nova Scotia Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Tuesday, October 6th will be issued a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Tuesday, October 6th. Bank of Nova Scotia's dividend payout ratio (DPR) is currently 58.05%.

Analyst Ratings Changes

BNS has been the subject of a number of research reports. Royal Bank Of Canada boosted their target price on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a "sector perform" rating in a research note on Thursday, May 28th. National Bank Financial upgraded Bank of Nova Scotia from a "sector perform" rating to an "outperform" rating in a research note on Wednesday. Keefe, Bruyette & Woods started coverage on Bank of Nova Scotia in a report on Friday, August 21st. They issued an "outperform" rating for the company. Weiss Ratings cut Bank of Nova Scotia from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Tuesday, August 18th. Finally, TD Securities raised Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Tuesday. Five investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Bank of Nova Scotia presently has a consensus rating of "Moderate Buy" and an average price target of $117.00.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada's largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank's core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.

Want to see what other hedge funds are holding BNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.