Euro Pacific Asset Management LLC Sells 40,685 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• Euro Pacific Asset Management cut its Bank of Nova Scotia stake by 24%, selling 40,685 shares and retaining 128,821 shares worth approximately $12.0 million. Institutional investors collectively own 49.13% of BNS.
• Analyst sentiment remains positive, with several firms upgrading the stock and MarketBeat reporting a “Moderate Buy” consensus rating and an average price target of $105.50.
• Bank of Nova Scotia shares rose 1.6% to $90.25 after the bank beat quarterly earnings and revenue estimates. The company also declared a C$1.14 quarterly dividend, implying a 5.1% annualized yield.

Euro Pacific Asset Management LLC decreased its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 24.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 128,821 shares of the bank's stock after selling 40,685 shares during the quarter. Bank of Nova Scotia accounts for about 0.8% of Euro Pacific Asset Management LLC's investment portfolio, making the stock its 28th biggest position. Euro Pacific Asset Management LLC's holdings in Bank of Nova Scotia were worth $11,981,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of BNS. Riversedge Advisors LLC grew its position in Bank of Nova Scotia by 4.6% in the 3rd quarter. Riversedge Advisors LLC now owns 2,825 shares of the bank's stock valued at $257,000 after acquiring an additional 125 shares during the last quarter. Mn Services Vermogensbeheer B.V. lifted its position in shares of Bank of Nova Scotia by 0.9% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 362,643 shares of the bank's stock worth $33,055,000 after purchasing an additional 3,400 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Bank of Nova Scotia by 5.9% during the third quarter. Farther Finance Advisors LLC now owns 12,823 shares of the bank's stock worth $1,165,000 after purchasing an additional 720 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Bank of Nova Scotia by 1.2% during the third quarter. Versant Capital Management Inc now owns 10,460 shares of the bank's stock worth $950,000 after purchasing an additional 119 shares during the last quarter. Finally, Andra AP fonden boosted its stake in shares of Bank of Nova Scotia by 2.7% during the second quarter. Andra AP fonden now owns 220,260 shares of the bank's stock valued at $19,127,000 after purchasing an additional 5,700 shares during the period. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BNS has been the topic of a number of research analyst reports. 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 note on Wednesday, August 26th. Weiss Ratings upgraded shares of Bank of Nova Scotia from a "buy (a-)" rating to a "buy (a)" rating in a report on Thursday. 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. Finally, TD Securities upgraded shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research note on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $105.50.

Bank of Nova Scotia Stock Up 1.6%

Bank of Nova Scotia stock traded up $1.46 during midday trading on Tuesday, hitting $90.25. 2,173,737 shares of the company's stock were exchanged, compared to its average volume of 2,341,660. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.04 and a current ratio of 1.04. Bank of Nova Scotia has a 12 month low of $62.98 and a 12 month high of $95.74. The firm has a 50-day moving average of $91.22 and a two-hundred day moving average of $84.26. The company has a market cap of $109.82 billion, a PE ratio of 16.33, a P/E/G ratio of 0.99 and a beta of 1.14.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced 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 firm had revenue of $7.52 billion during the quarter, compared to analysts' expectations of $7.11 billion. During the same quarter in the prior year, the company earned $1.84 EPS. The company's revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Bank of Nova Scotia will post 6.19 earnings per share for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Tuesday, October 6th will be issued a dividend of C$1.14 per share. The ex-dividend date is Tuesday, October 6th. This represents a $4.56 dividend on an annualized basis and a yield of 5.1%. Bank of Nova Scotia's dividend payout ratio is currently 57.87%.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian financial services company headquartered in Toronto, Ontario. Founded in 1832, it is one of Canada's largest banks and provides a broad range of banking and financial services to individuals, businesses, institutions and governments.

Scotiabank's principal activities include Canadian personal and commercial banking, wealth management, and global banking and markets. Its products and services include deposit accounts, residential mortgages, consumer and business loans, credit cards, investment and advisory services, foreign exchange, capital markets and corporate finance.

The bank serves customers across Canada and maintains international operations, particularly in Mexico, Peru, Chile and selected markets in the Caribbean and Central America.

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