PARK CIRCLE Co Invests $498,000 in Bank of Nova Scotia (The) (NYSE:BNS)

Key Points

• PARK CIRCLE Co has invested approximately $498,000 in the Bank of Nova Scotia by acquiring 10,500 shares during the first quarter of the year.
• Bank of Nova Scotia's stock has been downgraded from a "hold" to a "sell" rating by Wall Street Zen, with a current average target price of $81.00.
• The bank declared a quarterly dividend of $0.7996, marking a positive increase from the previous dividend and resulting in a yield of 5.8%.

PARK CIRCLE Co purchased a new position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 10,500 shares of the bank's stock, valued at approximately $498,000.

Other hedge funds have also bought and sold shares of the company. Tower Research Capital LLC TRC increased its position in shares of Bank of Nova Scotia by 4.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 5,399 shares of the bank's stock valued at $290,000 after purchasing an additional 248 shares during the last quarter. Sara Bay Financial increased its holdings in Bank of Nova Scotia by 6.2% during the first quarter. Sara Bay Financial now owns 5,021 shares of the bank's stock valued at $240,000 after buying an additional 294 shares during the last quarter. Avantax Advisory Services Inc. raised its position in Bank of Nova Scotia by 0.5% in the first quarter. Avantax Advisory Services Inc. now owns 58,073 shares of the bank's stock worth $2,754,000 after acquiring an additional 298 shares during the period. Orca Wealth Management LLC boosted its stake in shares of Bank of Nova Scotia by 1.9% during the 1st quarter. Orca Wealth Management LLC now owns 16,839 shares of the bank's stock worth $799,000 after acquiring an additional 307 shares during the last quarter. Finally, Independence Bank of Kentucky grew its position in shares of Bank of Nova Scotia by 38.4% during the 1st quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock valued at $56,000 after acquiring an additional 326 shares during the period. Institutional investors own 49.13% of the company's stock.

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 equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Bank of Nova Scotia has an average rating of "Hold" and a consensus price target of $81.00.

Bank of Nova Scotia Price Performance

NYSE:BNS opened at $55.59 on Thursday. The company has a market capitalization of $69.11 billion, a P/E ratio of 16.30, a P/E/G ratio of 1.40 and a beta of 1.14. The business's 50-day moving average is $54.86 and its 200 day moving average is $51.31. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.62. Bank of Nova Scotia has a 12 month low of $44.09 and a 12 month high of $57.07.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its earnings results on Tuesday, May 27th. The bank reported $1.06 EPS for the quarter, missing analysts' consensus estimates of $1.14 by ($0.08). The firm had revenue of $6.59 billion for the quarter, compared to the consensus estimate 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 revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.58 earnings per share. On average, 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 firm also recently declared a quarterly dividend, which was paid on Tuesday, July 29th. Investors of record on Wednesday, July 2nd were issued a $0.7996 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 5.8%. 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 payout ratio is 94.72%.

Bank of Nova Scotia Company 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.

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