Bank of Nova Scotia (The) (NYSE:BNS) Shares Acquired by Forsta AP Fonden

Key Points

• Forsta AP Fonden increased its stake in Bank of Nova Scotia by 18.9%, acquiring 62,500 additional shares, bringing its total holdings to 393,400 shares worth approximately $18.65 million.
• Bank of Nova Scotia recently increased its quarterly dividend to $0.7996 per share, reflecting a 5.7% yield, despite a high dividend payout ratio of 94.72%.
• Analysts have mixed ratings on the bank's stock, with Wall Street Zen downgrading it to "sell", while the consensus average rating remains at "Hold" with a target price of $81.00.

Forsta AP Fonden boosted its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 18.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 393,400 shares of the bank's stock after acquiring an additional 62,500 shares during the quarter. Forsta AP Fonden's holdings in Bank of Nova Scotia were worth $18,650,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Compagnie Lombard Odier SCmA acquired a new stake in shares of Bank of Nova Scotia in the first quarter worth approximately $52,000. Independence Bank of Kentucky boosted its stake in shares of Bank of Nova Scotia by 38.4% in the first quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock worth $56,000 after acquiring an additional 326 shares during the last quarter. North Capital Inc. acquired a new stake in shares of Bank of Nova Scotia in the first quarter worth approximately $81,000. Dunhill Financial LLC acquired a new stake in shares of Bank of Nova Scotia in the fourth quarter worth approximately $95,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Bank of Nova Scotia by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,343 shares of the bank's stock worth $159,000 after acquiring an additional 336 shares during the last quarter. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Trading Up 0.3%

NYSE:BNS traded up $0.18 during trading hours on Wednesday, hitting $56.59. The company had a trading volume of 520,055 shares, compared to its average volume of 1,990,713. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average of $55.08 and a 200 day moving average of $51.43. The company has a market cap of $70.35 billion, a P/E ratio of 16.60, a P/E/G ratio of 1.41 and a beta of 1.14. Bank of Nova Scotia has a 1 year low of $44.09 and a 1 year high of $57.07.

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

Bank of Nova Scotia Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 29th. Investors of record on Wednesday, July 2nd were paid a dividend of $0.7996 per share. This represents a $3.20 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend was Wednesday, July 2nd. This is a positive change from Bank of Nova Scotia's previous quarterly dividend of $0.74. Bank of Nova Scotia's dividend payout ratio is currently 94.72%.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered Bank of Nova Scotia from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $81.00.

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.