Bank of Nova Scotia (The) $BNS Holdings Lessened by Euro Pacific Asset Management LLC

Key Points

• Euro Pacific Asset Management cut its Bank of Nova Scotia stake by 23.9%, selling 40,575 shares and ending the quarter with 128,931 shares valued at $11.7 million.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $105.50; one analyst rated the stock Strong Buy, five Buy and four Hold.
• The bank beat quarterly earnings and revenue estimates, while its board authorized repurchases of up to 40 million shares—3.3% of its outstanding stock. It also paid a quarterly dividend of C$1.14 per share.

Euro Pacific Asset Management LLC reduced its position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 23.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 128,931 shares of the bank's stock after selling 40,575 shares during the period. Bank of Nova Scotia makes up 0.8% of Euro Pacific Asset Management LLC's investment portfolio, making the stock its 29th largest holding. Euro Pacific Asset Management LLC's holdings in Bank of Nova Scotia were worth $11,718,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. CoreCap Advisors LLC raised its holdings in Bank of Nova Scotia by 1,366.7% during the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank's stock worth $38,000 after buying an additional 410 shares during the last quarter. Addison Advisors LLC bought a new position in shares of Bank of Nova Scotia in the second quarter valued at $39,000. Global Retirement Partners LLC bought a new position in shares of Bank of Nova Scotia in the second quarter valued at $46,000. Jones Financial Companies Lllp acquired a new position in shares of Bank of Nova Scotia during the second quarter valued at about $61,000. Finally, Allworth Financial LP acquired a new position in shares of Bank of Nova Scotia during the second quarter valued at about $96,000. Institutional investors and hedge funds own 49.13% of the company's stock.

Analysts Set New Price Targets

BNS has been the subject of several recent research reports. Weiss Ratings raised shares of Bank of Nova Scotia from a "buy (a-)" rating to a "buy (a)" rating in a research report on Thursday, October 8th. TD upgraded shares of Bank of Nova Scotia to a "buy" rating in a report on Wednesday, August 26th. 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. TD Securities upgraded Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research note on Tuesday, August 25th. Finally, Keefe, Bruyette & Woods started coverage on Bank of Nova Scotia in a research note 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 given a Hold rating to the company. According to MarketBeat, Bank of Nova Scotia has an average rating of "Moderate Buy" and an average price target of $105.50.

Bank of Nova Scotia Stock Up 0.0%

BNS opened at $91.69 on Monday. 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's 50-day moving average is $92.39 and its 200 day moving average is $82.84. Bank of Nova Scotia has a fifty-two week low of $65.55 and a fifty-two week high of $96.85. The firm has a market capitalization of $111.47 billion, a P/E ratio of 16.59, a PEG ratio of 0.92 and a beta of 1.14.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its quarterly earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.11. The business had revenue of $7.52 billion for the quarter, compared to analysts' expectations of $7.11 billion. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.84 earnings per share. Research analysts expect that Bank of Nova Scotia will post 6.19 earnings per share for the current fiscal year.

Bank of Nova Scotia declared that its board has authorized a share buyback plan on Friday, October 2nd that authorizes the company to buy back 40,000,000 shares. This repurchase authorization authorizes the bank to buy up to 3.3% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Bank of Nova Scotia Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Investors of record on Tuesday, October 6th were issued a dividend of C$1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date was Tuesday, October 6th. Bank of Nova Scotia's dividend payout ratio (DPR) is 57.87%.

About Bank of Nova Scotia

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