Forum Financial Management LP Increases Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Forum Financial Management LP boosted its stake in The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 50.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,483 shares of the bank's stock after purchasing an additional 5,180 shares during the quarter. Forum Financial Management LP's holdings in Bank of Nova Scotia were worth $832,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in Bank of Nova Scotia by 7.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,095,285 shares of the bank's stock valued at $58,839,000 after purchasing an additional 77,820 shares in the last quarter. Mediolanum International Funds Ltd bought a new position in Bank of Nova Scotia during the fourth quarter valued at approximately $292,000. Blue Trust Inc. grew its position in Bank of Nova Scotia by 98.6% during the fourth quarter. Blue Trust Inc. now owns 3,134 shares of the bank's stock valued at $171,000 after acquiring an additional 1,556 shares during the last quarter. HighTower Advisors LLC grew its position in Bank of Nova Scotia by 11.8% during the fourth quarter. HighTower Advisors LLC now owns 11,438 shares of the bank's stock valued at $614,000 after acquiring an additional 1,207 shares during the last quarter. Finally, Orca Wealth Management LLC bought a new position in Bank of Nova Scotia during the fourth quarter valued at approximately $888,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Trading Up 2.0%

Shares of Bank of Nova Scotia stock traded up $1.04 on Thursday, hitting $53.23. The stock had a trading volume of 2,621,367 shares, compared to its average volume of 1,710,216. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The Bank of Nova Scotia has a one year low of $43.68 and a one year high of $57.07. The stock has a market cap of $66.29 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.16 and a beta of 1.11. The stock's 50-day simple moving average is $48.91 and its two-hundred day simple moving average is $51.10.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued its earnings results on Tuesday, May 27th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.08). Bank of Nova Scotia had a return on equity of 11.56% and a net margin of 10.20%. The firm had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $8.98 billion. During the same quarter in the prior year, the business posted $1.58 EPS. The firm's revenue for the quarter was up 8.8% on a year-over-year basis. As a group, sell-side analysts predict that The Bank of Nova Scotia will post 4.91 EPS for the current year.

Bank of Nova Scotia Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 29th. Stockholders of record on Wednesday, July 2nd will be issued a $0.7996 dividend. This is a boost from Bank of Nova Scotia's previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, July 2nd. This represents a $3.20 annualized dividend and a dividend yield of 6.01%. Bank of Nova Scotia's dividend payout ratio (DPR) is currently 83.05%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on BNS shares. Bank of America cut shares of Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research report on Monday, March 31st. Cibc World Mkts cut shares of Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 18th. Royal Bank of Canada reduced their price target on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a "sector perform" rating on the stock in a research report on Wednesday, February 26th. Finally, CIBC reiterated a "neutral" rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $81.00.

Bank of Nova Scotia 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.