Bank of Nova Scotia (The) $BNS Stock Sold by MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd

Key Points

• MORGUARD LINCLUDEN GLOBAL INVESTMENTS reduced its Bank of Nova Scotia stake by 3.2% in the third quarter, selling 14,599 shares and retaining 444,227 shares valued at approximately $40.4 million. Institutional investors own 49.13% of the stock.
• Bank of Nova Scotia reported quarterly earnings of $1.64 per share, exceeding estimates of $1.53, while revenue rose 11.1% year over year to $7.52 billion.
• The bank maintains a quarterly dividend of C$1.14 per share, yielding about 4.8%, and authorized a buyback of up to 40 million shares, or 3.3% of outstanding stock. Analysts give the stock a “Moderate Buy” consensus rating with a $105.50 average price target.

MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd lowered its holdings in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 444,227 shares of the bank's stock after selling 14,599 shares during the quarter. Bank of Nova Scotia accounts for about 5.2% of MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd's investment portfolio, making the stock its 3rd biggest holding. MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd's holdings in Bank of Nova Scotia were worth $40,354,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BNS. SYM FINANCIAL Corp boosted its holdings in Bank of Nova Scotia by 9.6% in the third quarter. SYM FINANCIAL Corp now owns 2,693 shares of the bank's stock worth $245,000 after purchasing an additional 236 shares during the last quarter. Park Avenue Securities LLC raised its stake in Bank of Nova Scotia by 4.4% during the 3rd quarter. Park Avenue Securities LLC now owns 3,501 shares of the bank's stock valued at $318,000 after buying an additional 148 shares during the last quarter. Westover Capital Advisors LLC lifted its holdings in shares of Bank of Nova Scotia by 31.2% during the 3rd quarter. Westover Capital Advisors LLC now owns 8,400 shares of the bank's stock valued at $763,000 after buying an additional 2,000 shares during the period. Signaturefd LLC boosted its stake in shares of Bank of Nova Scotia by 2.6% in the 3rd quarter. Signaturefd LLC now owns 27,700 shares of the bank's stock worth $2,516,000 after buying an additional 709 shares during the last quarter. Finally, Citizens Financial Group Inc. RI purchased a new position in shares of Bank of Nova Scotia in the 3rd quarter worth $231,000. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Trading Up 0.7%

NYSE BNS opened at $94.53 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98. The firm has a market cap of $115.03 billion, a PE ratio of 17.11, a price-to-earnings-growth ratio of 1.04 and a beta of 1.14. Bank of Nova Scotia has a 52 week low of $64.80 and a 52 week high of $95.74. The company has a 50 day moving average price of $91.82 and a 200 day moving average price of $82.11.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued 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. 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 the consensus estimate of $7.11 billion. During the same quarter in the prior year, the company earned $1.84 EPS. Bank of Nova Scotia's quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of Nova Scotia will post 6.19 EPS for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Tuesday, October 6th were issued a dividend of C$1.14 per share. This represents a $4.56 annualized dividend and a dividend yield of 4.8%. The ex-dividend date was Tuesday, October 6th. Bank of Nova Scotia's payout ratio is currently 57.87%.

Bank of Nova Scotia announced that its board has initiated a share buyback program on Friday, October 2nd that allows the company to buy back 40,000,000 shares. This buyback authorization allows the bank to reacquire up to 3.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. TD Securities raised shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Tuesday, August 25th. TD upgraded Bank of Nova Scotia to a "buy" rating in a research note on Wednesday, August 26th. 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 for the company. Weiss Ratings upgraded shares of Bank of Nova Scotia from a "buy (a-)" rating to a "buy (a)" rating in a research note on Thursday, October 8th. Finally, National Bank Financial raised shares of Bank of Nova Scotia from a "sector perform" rating to an "outperform" rating in a research note on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $105.50.

About Bank of Nova Scotia

Bank of Nova Scotia, operating under the Scotiabank name, is a Canadian financial services company that provides banking and related services to individuals, businesses, institutions and governments. Its principal businesses include Canadian Banking, International Banking, Global Wealth Management and Global Banking and Markets.

The company offers personal and commercial deposit accounts, mortgages, consumer and business loans, credit cards, payments and other financial products. Through its wealth management operations, Scotiabank provides investment, advisory, brokerage and private banking services.

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