Caisse DE Depot ET Placement DU Quebec Sells 271,000 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• Caisse de Depot et Placement du Quebec sold 271,000 shares of Bank of Nova Scotia, reducing its holdings by approximately 47.4% in Q1 2023, leaving the fund with 301,000 shares valued at $14.27 million.
• Bank of Nova Scotia has recently increased its quarterly dividend to $1.10 per share, up from $0.80, which translates to an annualized dividend yield of 7.1%.
• Analysts have a mixed outlook on the stock, with most ratings at "Hold" while Royal Bank of Canada raised its price target from $80 to $86 per share.

Caisse DE Depot ET Placement DU Quebec lowered its position in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 47.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 301,000 shares of the bank's stock after selling 271,000 shares during the quarter. Caisse DE Depot ET Placement DU Quebec's holdings in Bank of Nova Scotia were worth $14,269,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its position in Bank of Nova Scotia by 4.3% during the first quarter. Janney Montgomery Scott LLC now owns 10,801 shares of the bank's stock valued at $512,000 after buying an additional 442 shares during the period. Korea Investment CORP raised its position in shares of Bank of Nova Scotia by 0.5% in the 1st quarter. Korea Investment CORP now owns 941,286 shares of the bank's stock worth $44,623,000 after purchasing an additional 5,085 shares during the last quarter. Fox Run Management L.L.C. raised its position in shares of Bank of Nova Scotia by 146.0% in the 1st quarter. Fox Run Management L.L.C. now owns 12,042 shares of the bank's stock worth $571,000 after purchasing an additional 7,146 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Bank of Nova Scotia by 5.5% in the 1st quarter. Bank of New York Mellon Corp now owns 1,155,791 shares of the bank's stock worth $54,819,000 after purchasing an additional 60,506 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its position in shares of Bank of Nova Scotia by 3.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 14,938 shares of the bank's stock worth $709,000 after purchasing an additional 466 shares during the last quarter. Hedge funds and other institutional investors own 49.13% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Royal Bank Of Canada lifted their price target on Bank of Nova Scotia from $80.00 to $86.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 27th. Wall Street Zen raised Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research report on Saturday. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Bank of Nova Scotia presently has an average rating of "Hold" and a consensus price target of $86.00.

Bank of Nova Scotia Stock Performance

NYSE:BNS traded up $0.08 during mid-day trading on Monday, reaching $62.47. The company's stock had a trading volume of 2,087,974 shares, compared to its average volume of 1,720,716. Bank of Nova Scotia has a 12-month low of $44.09 and a 12-month high of $62.69. The firm's fifty day moving average price is $56.20 and its two-hundred day moving average price is $52.11. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.66. The stock has a market cap of $77.61 billion, a P/E ratio of 16.79, a PEG ratio of 1.45 and a beta of 1.16.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its quarterly earnings results on Tuesday, August 26th. The bank reported $1.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.09. The business had revenue of $6.85 billion during the quarter, compared to the consensus estimate of $9.29 billion. Bank of Nova Scotia had a return on equity of 11.61% and a net margin of 9.74%.The business's quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.63 EPS. On average, equities analysts forecast that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

About Bank of Nova Scotia

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.