Gulf International Bank UK Ltd Raises Stake in Bank of Nova Scotia (The) $BNS

Key Points

• Gulf International Bank UK Ltd significantly increased its holdings in Bank of Nova Scotia by 2,683.5%, owning 71,674 shares worth approximately $3.40 million as of the latest quarter.
• The bank reported $1.06 earnings per share for the most recent quarter, which fell short of analysts' expectations of $1.14, and had a revenue of $6.59 billion against a forecast of $8.98 billion.
• Bank of Nova Scotia recently increased its quarterly dividend to $0.7996 per share, yielding 5.6%, while its dividend payout ratio stands at 94.72%.

Gulf International Bank UK Ltd lifted its position in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 2,683.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 71,674 shares of the bank's stock after buying an additional 69,099 shares during the quarter. Gulf International Bank UK Ltd's holdings in Bank of Nova Scotia were worth $3,399,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in Bank of Nova Scotia by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 53,184,171 shares of the bank's stock worth $2,521,621,000 after purchasing an additional 1,821,025 shares in the last quarter. Toronto Dominion Bank increased its position in Bank of Nova Scotia by 1.7% during the 4th quarter. Toronto Dominion Bank now owns 25,425,639 shares of the bank's stock worth $1,363,619,000 after purchasing an additional 434,771 shares in the last quarter. Mackenzie Financial Corp increased its position in Bank of Nova Scotia by 2.5% during the 1st quarter. Mackenzie Financial Corp now owns 15,158,112 shares of the bank's stock worth $718,670,000 after purchasing an additional 374,487 shares in the last quarter. Scotia Capital Inc. increased its position in Bank of Nova Scotia by 0.8% during the 1st quarter. Scotia Capital Inc. now owns 14,141,532 shares of the bank's stock worth $670,495,000 after purchasing an additional 117,272 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Bank of Nova Scotia by 255.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,174,780 shares of the bank's stock worth $482,590,000 after purchasing an additional 7,315,915 shares in the last quarter. Institutional investors and hedge funds own 49.13% of the company's stock.

Bank of Nova Scotia Trading Up 0.1%

BNS traded up $0.08 during midday trading on Monday, hitting $56.87. The company's stock had a trading volume of 1,354,896 shares, compared to its average volume of 1,982,124. 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 firm has a market cap of $70.65 billion, a P/E ratio of 16.68, a PEG ratio of 1.45 and a beta of 1.14. The firm has a 50-day moving average price of $55.26 and a two-hundred day moving average price of $51.53. Bank of Nova Scotia has a 52-week low of $44.09 and a 52-week high of $57.07.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted 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). The business had revenue of $6.59 billion during the quarter, compared to analysts' expectations of $8.98 billion. Bank of Nova Scotia had a net margin of 8.83% and a return on equity of 11.27%. The firm's quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.58 EPS. On average, research analysts anticipate that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Bank of Nova Scotia Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 29th. Shareholders of record on Wednesday, July 2nd were issued a $0.7996 dividend. This is a positive change from Bank of Nova Scotia's previous quarterly dividend of $0.74. The ex-dividend date was Wednesday, July 2nd. This represents a $3.20 annualized dividend and a yield of 5.6%. Bank of Nova Scotia's dividend payout ratio (DPR) is presently 94.72%.

Analysts Set New Price Targets

Separately, Wall Street Zen cut Bank of Nova Scotia from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Bank of Nova Scotia currently has an average rating of "Hold" and an average price target 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.