Bank of Nova Scotia purchased 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 13F filing with the Securities & Exchange Commission. The fund purchased 58,727 shares of the bank's stock, valued at approximately $5,096,000.
Several other institutional investors have also recently added to or reduced their stakes in BNS. Maseco LLP bought a new stake in shares of Bank of Nova Scotia in the 1st quarter worth about $30,000. Swiss RE Ltd. acquired a new position in Bank of Nova Scotia in the fourth quarter worth about $30,000. Brown Brothers Harriman & Co. bought a new stake in Bank of Nova Scotia in the fourth quarter valued at about $34,000. Quarry LP bought a new stake in Bank of Nova Scotia in the third quarter valued at about $35,000. Finally, CoreCap Advisors LLC increased its holdings in Bank of Nova Scotia by 1,366.7% in the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank's stock valued at $38,000 after buying an additional 410 shares during the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
BNS has been the topic of a number of research analyst reports. TD Securities raised Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Tuesday. Royal Bank Of Canada boosted their price target on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a "sector perform" rating in a report on Thursday, May 28th. Weiss Ratings lowered Bank of Nova Scotia from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Tuesday, August 18th. Finally, Keefe, Bruyette & Woods assumed coverage on shares of Bank of Nova Scotia in a report on Friday, August 21st. They issued an "outperform" rating for the company. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $117.00.
Get Our Latest Research Report on Bank of Nova Scotia
Bank of Nova Scotia Trading Up 7.3%
Bank of Nova Scotia stock opened at $93.16 on Wednesday. Bank of Nova Scotia has a 52-week low of $58.77 and a 52-week high of $93.44. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $113.55 billion, a price-to-earnings ratio of 17.78, a PEG ratio of 1.07 and a beta of 1.11. The firm has a 50-day moving average price of $87.77 and a two-hundred day moving average price of $79.82.
Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, beating the consensus estimate of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The company had revenue of $7.24 billion for the quarter, compared to analyst estimates of $7.13 billion. During the same quarter last year, the business earned $1.52 earnings per share. Bank of Nova Scotia's revenue was up 8.3% compared to the same quarter last year. Sell-side analysts expect that Bank of Nova Scotia will post 6.03 earnings per share for the current year.
Bank of Nova Scotia Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Tuesday, October 6th will be issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a dividend 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 61.26%.
More Bank of Nova Scotia News
Here are the key news stories impacting Bank of Nova Scotia this week:
- Positive Sentiment: Quarterly earnings exceeded expectations. BNS reported quarterly EPS of $1.64, ahead of the $1.53 consensus estimate, while revenue increased 11.1% year over year. On an adjusted basis, EPS was reported at $2.28 versus expectations of approximately $2.10. BNS earnings report
- Positive Sentiment: Strength was broad-based across the business. Record results in global wealth management and global banking and markets, helped by elevated market volatility and stronger capital-markets activity, drove profit above analyst estimates. Reported quarterly profit rose to C$2.95 billion from C$2.53 billion a year earlier. Scotiabank earnings lifted by wealth management
- Positive Sentiment: Analyst sentiment improved. TD Securities upgraded Bank of Nova Scotia from “hold” to “buy,” adding support to the bullish reaction following the earnings release.
- Positive Sentiment: Trade-war concerns have not yet materially damaged results. Reports indicated that new U.S. tariffs affecting some bank customers have not significantly harmed BNS or other Canadian lenders. Management may also find opportunities as businesses adjust to changing trade conditions. Canadian banks beat earnings targets as trade war escalates
- Positive Sentiment: Dividend income remains attractive. BNS declared a quarterly dividend of $1.14 per share, representing an annualized yield of approximately 4.9% based on the reported share price. The dividend is payable October 28 to shareholders of record October 6.
- Neutral Sentiment: BNS also launched a no-fee Visa business credit card offering 1% cash back, a potentially useful customer-acquisition initiative but unlikely to be a major near-term stock catalyst. Scotiabank launches no-fee Visa card
Bank of Nova Scotia Profile
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Free Report)
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.
Further Reading
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.
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