Bank of Nova Scotia Buys Shares of 546,867 Pan American Silver Corp. $PAAS

Key Points

• Bank of Nova Scotia acquired 546,867 Pan American Silver shares worth approximately $24.5 million, giving it a 0.13% stake. Institutional investors and hedge funds collectively own 55.43% of the company.
• Pan American Silver’s latest quarterly results fell short of expectations, with EPS of $0.73 versus the $0.84 consensus and revenue of $1.12 billion versus $1.16 billion, although revenue rose 38.4% year over year.
• The company raised its quarterly dividend to $0.184 per share, equivalent to an annualized $0.74 and a 1.4% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $70.43.

Bank of Nova Scotia bought a new position in shares of Pan American Silver Corp. (NYSE:PAAS - Free Report) TSE: PAAS during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 546,867 shares of the basic materials company's stock, valued at approximately $24,513,000. Bank of Nova Scotia owned 0.13% of Pan American Silver at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PAAS. Vanguard Group Inc. boosted its stake in Pan American Silver by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 17,465,779 shares of the basic materials company's stock worth $905,513,000 after buying an additional 274,168 shares in the last quarter. Swiss Life Asset Management Ltd raised its stake in shares of Pan American Silver by 46.9% in the 4th quarter. Swiss Life Asset Management Ltd now owns 58,827 shares of the basic materials company's stock valued at $3,051,000 after buying an additional 18,791 shares in the last quarter. Royal Palms Capital LLC acquired a new position in shares of Pan American Silver in the 4th quarter valued at $2,170,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of Pan American Silver in the 4th quarter valued at $1,341,000. Finally, Delta Investment Management LLC bought a new position in shares of Pan American Silver during the 4th quarter worth about $2,834,000. Institutional investors and hedge funds own 55.43% of the company's stock.

Pan American Silver Price Performance

Shares of Pan American Silver stock opened at $53.11 on Monday. The stock has a market capitalization of $22.15 billion, a price-to-earnings ratio of 16.05, a P/E/G ratio of 4.90 and a beta of 0.73. The firm's 50-day moving average price is $46.31 and its two-hundred day moving average price is $52.74. The company has a current ratio of 2.94, a quick ratio of 2.23 and a debt-to-equity ratio of 0.11. Pan American Silver Corp. has a 1-year low of $31.60 and a 1-year high of $69.99.

Pan American Silver (NYSE:PAAS - Get Free Report) TSE: PAAS last posted its earnings results on Wednesday, August 12th. The basic materials company reported $0.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.84 by ($0.11). The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.16 billion. Pan American Silver had a net margin of 32.04% and a return on equity of 20.01%. The business's revenue was up 38.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 EPS. On average, equities analysts predict that Pan American Silver Corp. will post 4.06 earnings per share for the current fiscal year.

Pan American Silver Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Monday, August 24th will be given a dividend of $0.184 per share. The ex-dividend date is Monday, August 24th. This is a positive change from Pan American Silver's previous quarterly dividend of $0.18. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.4%. Pan American Silver's dividend payout ratio (DPR) is currently 21.75%.

Analysts Set New Price Targets

PAAS has been the topic of a number of analyst reports. Bank of America lowered their target price on shares of Pan American Silver from $77.00 to $69.00 and set a "buy" rating on the stock in a research note on Thursday, July 9th. Weiss Ratings cut shares of Pan American Silver from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 16th. Scotiabank reaffirmed an "outperform" rating on shares of Pan American Silver in a report on Tuesday, July 14th. Jefferies Financial Group lowered their price objective on Pan American Silver from $54.00 to $53.00 and set a "hold" rating on the stock in a research note on Monday, July 6th. Finally, Zacks Research raised Pan American Silver from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Eight equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $70.43.

Pan American Silver Company Profile

Pan American Silver Corp. NYSE: PAAS is a Vancouver-based mining company and one of the world’s largest primary silver producers. The company’s core activities encompass the exploration, development, extraction and processing of silver, with significant by-product production of gold, zinc and lead. Pan American Silver maintains a vertically integrated operating model, covering the full mining value chain from resource discovery through to refined metal production.

With a geographic footprint concentrated across the Americas, Pan American Silver operates multiple mines in Mexico, Peru, Argentina and Bolivia, and is advancing several development and exploration projects in Chile and Ecuador.

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