Bank of Nova Scotia (The) $BNS Shares Sold by Northwest & Ethical Investments L.P.

Key Points

• Northwest & Ethical Investments L.P. reduced its stake in Bank of Nova Scotia by 15.9%, holding 252,100 shares valued at approximately $11.96 million after selling 47,828 shares in the first quarter.
• Bank of Nova Scotia reported Q2 earnings of $1.06 per share, missing analysts' estimates of $1.14, with quarterly revenue of $6.59 billion against an expected $8.98 billion.
• The bank announced a quarterly dividend increase to $0.7996 per share, resulting in an annual dividend yield of 5.6%, up from the previous $0.74 per share.

Northwest & Ethical Investments L.P. lowered its position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 15.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 252,100 shares of the bank's stock after selling 47,828 shares during the period. Northwest & Ethical Investments L.P.'s holdings in Bank of Nova Scotia were worth $11,960,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of BNS. Goldman Sachs Group Inc. boosted its position in Bank of Nova Scotia by 255.9% in 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. Vanguard Group Inc. boosted its position in Bank of Nova Scotia by 3.5% in 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. Zurich Insurance Group Ltd FI purchased a new stake in Bank of Nova Scotia in the 4th quarter worth approximately $96,529,000. JPMorgan Chase & Co. boosted its position in Bank of Nova Scotia by 25.2% in the 1st quarter. JPMorgan Chase & Co. now owns 7,168,917 shares of the bank's stock worth $340,022,000 after purchasing an additional 1,441,302 shares in the last quarter. Finally, Value Partners Investments Inc. boosted its position in Bank of Nova Scotia by 907.4% in the 1st quarter. Value Partners Investments Inc. now owns 1,124,324 shares of the bank's stock worth $53,362,000 after purchasing an additional 1,012,715 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company's stock.

Bank of Nova Scotia Price Performance

NYSE BNS traded up $0.0550 during mid-day trading on Wednesday, hitting $56.7150. The stock had a trading volume of 1,582,443 shares, compared to its average volume of 1,975,021. The firm's 50 day moving average is $55.36 and its 200 day moving average is $51.60. Bank of Nova Scotia has a twelve month low of $44.09 and a twelve month high of $57.07. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $70.47 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 1.45 and a beta of 1.14.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its quarterly earnings data 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 firm had revenue of $6.59 billion during the quarter, compared to analyst estimates of $8.98 billion. During the same period in the prior year, the company posted $1.58 earnings per share. The firm's revenue for the quarter was up 8.8% compared to the same quarter last year. Equities research analysts forecast that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Bank of Nova Scotia Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 29th. Investors of record on Wednesday, July 2nd were paid a $0.7996 dividend. The ex-dividend date of this dividend was Wednesday, July 2nd. This represents a $3.20 annualized dividend and a yield of 5.6%. This is an increase from Bank of Nova Scotia's previous quarterly dividend of $0.74. Bank of Nova Scotia's dividend payout ratio is currently 94.72%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered Bank of Nova Scotia from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock 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.