Ieq Capital LLC Makes New Investment in Bank of Nova Scotia (The) $BNS

Ieq Capital LLC bought a new stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 24,306 shares of the bank's stock, valued at approximately $2,111,000.

Other institutional investors also recently made changes to their positions in the company. OneAscent Family Office LLC acquired a new position in Bank of Nova Scotia during the 2nd quarter valued at approximately $269,000. Allworth Financial LP acquired a new stake in Bank of Nova Scotia in the second quarter worth $96,000. Greenspring Advisors LLC bought a new stake in Bank of Nova Scotia in the second quarter valued at $328,000. Virtus Advisers LLC acquired a new position in shares of Bank of Nova Scotia during the second quarter valued at $404,000. Finally, PCM Encore LLC acquired a new position in shares of Bank of Nova Scotia during the second quarter valued at $270,000. 49.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BNS has been the topic of a number of analyst reports. Royal Bank Of Canada increased their price objective on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a "sector perform" rating in a report on Thursday, May 28th. TD Securities upgraded shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research report on Tuesday. Weiss Ratings lowered shares of Bank of Nova Scotia from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, August 18th. Finally, Keefe, Bruyette & Woods assumed coverage on Bank of Nova Scotia in a report on Friday, August 21st. They set an "outperform" rating on the stock. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $117.00.

Bank of Nova Scotia News Summary

Here are the key news stories impacting Bank of Nova Scotia this week:

• Positive Sentiment: Quarterly earnings exceeded expectations. BNS reported quarterly EPS of $1.64, ahead of the $1.53 consensus estimate, while revenue increased 11.1% year over year. On an adjusted basis, EPS was reported at $2.28 versus expectations of approximately $2.10. BNS earnings report
• Positive Sentiment: Strength was broad-based across the business. Record results in global wealth management and global banking and markets, helped by elevated market volatility and stronger capital-markets activity, drove profit above analyst estimates. Reported quarterly profit rose to C$2.95 billion from C$2.53 billion a year earlier. Scotiabank earnings lifted by wealth management
• Positive Sentiment: Analyst sentiment improved. TD Securities upgraded Bank of Nova Scotia from “hold” to “buy,” adding support to the bullish reaction following the earnings release.
• Positive Sentiment: Trade-war concerns have not yet materially damaged results. Reports indicated that new U.S. tariffs affecting some bank customers have not significantly harmed BNS or other Canadian lenders. Management may also find opportunities as businesses adjust to changing trade conditions. Canadian banks beat earnings targets as trade war escalates
• Positive Sentiment: Dividend income remains attractive. BNS declared a quarterly dividend of $1.14 per share, representing an annualized yield of approximately 4.9% based on the reported share price. The dividend is payable October 28 to shareholders of record October 6.
• Neutral Sentiment: BNS also launched a no-fee Visa business credit card offering 1% cash back, a potentially useful customer-acquisition initiative but unlikely to be a major near-term stock catalyst. Scotiabank launches no-fee Visa card

Bank of Nova Scotia Trading Up 7.3%

Shares of NYSE:BNS opened at $93.16 on Wednesday. The company has a 50 day moving average of $87.77 and a 200-day moving average of $79.82. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69. The firm has a market cap of $113.55 billion, a P/E ratio of 17.78, a P/E/G ratio of 1.07 and a beta of 1.11. Bank of Nova Scotia has a twelve month low of $58.77 and a twelve month high of $93.44.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, topping the consensus estimate of $1.42 by $0.05. The firm had revenue of $7.24 billion for the quarter, compared to analysts' expectations of $7.13 billion. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The firm's quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.52 earnings per share. As a group, analysts anticipate that Bank of Nova Scotia will post 6.03 earnings per share for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Tuesday, October 6th will be issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date is Tuesday, October 6th. Bank of Nova Scotia's dividend payout ratio (DPR) is presently 61.26%.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada's largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank's core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.

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