TD Asset Management Inc Sells 777,435 Shares of Bank of Nova Scotia (The) (NYSE:BNS)

Key Points

• TD Asset Management Inc reduced its holdings in Bank of Nova Scotia by 4.1% in the first quarter, selling 777,435 shares and now owning 18,188,643 shares, which represents about 0.8% of its portfolio.
• The Bank of Nova Scotia announced a quarterly dividend of $0.7996 per share, increased from $0.74, resulting in an annualized yield of 5.65%.
• Bank of Nova Scotia reported $1.06 earnings per share for the latest quarter, missing analysts' expectations of $1.14, with quarterly revenue significantly lower than estimates at $6.59 billion.

TD Asset Management Inc lowered its stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 4.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,188,643 shares of the bank's stock after selling 777,435 shares during the quarter. Bank of Nova Scotia makes up 0.8% of TD Asset Management Inc's investment portfolio, making the stock its 27th largest holding. TD Asset Management Inc owned about 1.46% of Bank of Nova Scotia worth $862,262,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Murphy & Mullick Capital Management Corp purchased a new position in Bank of Nova Scotia during the 4th quarter valued at about $25,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Bank of Nova Scotia during the 1st quarter valued at about $52,000. Independence Bank of Kentucky lifted its holdings 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 buying an additional 326 shares during the last quarter. North Capital Inc. acquired a new stake in shares of Bank of Nova Scotia during the 1st quarter valued at about $81,000. Finally, Atlas Capital Advisors Inc. acquired a new stake in shares of Bank of Nova Scotia during the 4th quarter valued at about $83,000. Hedge funds and other institutional investors own 49.13% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen lowered Bank of Nova Scotia from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Bank of Nova Scotia presently has an average rating of "Hold" and an average target price of $81.00.

Bank of Nova Scotia Stock Performance

Shares of BNS stock traded up $0.43 during trading hours on Wednesday, reaching $56.38. 606,630 shares of the company's stock were exchanged, compared to its average volume of 2,034,210. The stock has a market capitalization of $70.09 billion, a P/E ratio of 16.54, a P/E/G ratio of 1.41 and a beta of 1.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.62. Bank of Nova Scotia has a fifty-two week low of $43.67 and a fifty-two week high of $57.07. The business has a fifty day moving average price of $54.43 and a 200-day moving average price of $51.12.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings results on Tuesday, May 27th. The bank reported $1.06 earnings per share for the quarter, missing analysts' consensus estimates of $1.14 by ($0.08). The company had revenue of $6.59 billion during 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 business's revenue was up 8.8% on a year-over-year basis. During the same quarter last year, the company earned $1.58 earnings per share. Analysts predict that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Bank of Nova Scotia Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 29th. Shareholders of record on Wednesday, July 2nd were paid 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 5.67%. Bank of Nova Scotia's dividend payout ratio is presently 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.