Bessemer Group Inc. Boosts Stake in Bank of Nova Scotia (The) (NYSE:BNS)

Bessemer Group Inc. raised its stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 145.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 103,414 shares of the bank's stock after buying an additional 61,326 shares during the period. Bessemer Group Inc.'s holdings in Bank of Nova Scotia were worth $4,908,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of BNS. Murphy & Mullick Capital Management Corp purchased a new position in Bank of Nova Scotia during the 4th quarter valued at about $25,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Bank of Nova Scotia in the fourth quarter valued at approximately $31,000. Compagnie Lombard Odier SCmA purchased a new position in shares of Bank of Nova Scotia during the 1st quarter worth approximately $52,000. Independence Bank of Kentucky raised its position in shares of Bank of Nova Scotia by 38.4% during the 1st quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock worth $56,000 after purchasing an additional 326 shares during the last quarter. Finally, Atlas Capital Advisors Inc. acquired a new position in shares of Bank of Nova Scotia during the 4th quarter worth approximately $83,000. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wall Street Zen cut Bank of Nova Scotia from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Bank of America lowered Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research note on Monday, March 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $81.00.

Bank of Nova Scotia Trading Up 0.7%

Shares of BNS stock traded up $0.36 during mid-day trading on Tuesday, hitting $55.63. 6,968,601 shares of the company's stock were exchanged, compared to its average volume of 1,766,586. The stock has a market cap of $69.29 billion, a price-to-earnings ratio of 16.31, a PEG ratio of 1.39 and a beta of 1.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.62. Bank of Nova Scotia has a fifty-two week low of $43.68 and a fifty-two week high of $57.07. The stock has a 50-day simple moving average of $52.34 and a two-hundred day simple moving average of $50.84.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its earnings results on Tuesday, May 27th. The bank reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.08). The business had revenue of $6.59 billion for the quarter, compared to analysts' expectations of $8.98 billion. Bank of Nova Scotia had a return on equity of 11.27% and a net margin of 8.83%. The business's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.58 earnings per share. Equities analysts expect that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Bank of Nova Scotia Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 29th. Shareholders of record on Wednesday, July 2nd will be paid a dividend of $0.7996 per share. The ex-dividend date is Wednesday, July 2nd. This represents a $3.20 dividend on an annualized basis and a yield of 5.75%. This is an increase from Bank of Nova Scotia's previous quarterly dividend of $0.74. Bank of Nova Scotia's dividend payout ratio (DPR) is currently 86.51%.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.