Bank of America Corp DE Takes Position in Bank of Nova Scotia (The) $BNS

Key Points

• Bank of America acquired 2.59 million shares of Bank of Nova Scotia during the second quarter, worth approximately $224.8 million and representing about 0.21% of the bank.
• Scotiabank exceeded quarterly expectations, reporting $1.64 in EPS versus the $1.53 consensus and $7.52 billion in revenue, up 11.1% year over year.
• The bank declared a quarterly dividend of $1.14, equivalent to $4.56 annually and a 4.9% yield. Analysts maintain a “Moderate Buy” consensus with a $117 price target.

Bank of America Corp DE bought a new position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,588,463 shares of the bank's stock, valued at approximately $224,782,000. Bank of America Corp DE owned about 0.21% of Bank of Nova Scotia as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Prospera Financial Services Inc lifted its position in shares of Bank of Nova Scotia by 3.9% in the 4th quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank's stock worth $341,000 after purchasing an additional 173 shares during the period. Larson Financial Group LLC boosted its position in shares of Bank of Nova Scotia by 22.3% during the fourth quarter. Larson Financial Group LLC now owns 1,280 shares of the bank's stock valued at $94,000 after purchasing an additional 233 shares in the last quarter. Kathmere Capital Management LLC boosted its position in shares of Bank of Nova Scotia by 8.5% during the first quarter. Kathmere Capital Management LLC now owns 3,579 shares of the bank's stock valued at $248,000 after purchasing an additional 281 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in Bank of Nova Scotia by 1.4% in the first quarter. PNC Financial Services Group Inc. now owns 21,386 shares of the bank's stock worth $1,482,000 after purchasing an additional 294 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in Bank of Nova Scotia by 15.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,748 shares of the bank's stock worth $202,000 after purchasing an additional 375 shares during the period. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Price Performance

Shares of NYSE:BNS opened at $92.95 on Thursday. The business has a fifty day moving average price of $89.91 and a 200-day moving average price of $81.70. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market capitalization of $113.10 billion, a PE ratio of 16.82, a PEG ratio of 1.05 and a beta of 1.12. Bank of Nova Scotia has a 1-year low of $62.98 and a 1-year high of $95.34.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly 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 net margin of 13.91% and a return on equity of 16.12%. The company had revenue of $7.52 billion for the quarter, compared to analysts' expectations of $7.11 billion. During the same quarter in the previous year, the business posted $1.84 EPS. Bank of Nova Scotia's revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts expect that Bank of Nova Scotia will post 6.19 EPS for the current fiscal 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 $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Tuesday, October 6th. Bank of Nova Scotia's payout ratio is presently 58.05%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Royal Bank Of Canada raised their price objective on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a "sector perform" rating in a research report on Thursday, May 28th. Keefe, Bruyette & Woods assumed coverage on shares of Bank of Nova Scotia in a research report on Friday, August 21st. They issued an "outperform" rating on the stock. Weiss Ratings upgraded shares of Bank of Nova Scotia from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Tuesday, September 1st. TD Securities upgraded shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research note on Tuesday, August 25th. Finally, National Bank Financial raised shares of Bank of Nova Scotia from a "sector perform" rating to an "outperform" rating in a research report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $117.00.

Bank of Nova Scotia Company Profile

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.

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.