Texas Yale Capital Corp. Cuts Stake in Bank of Nova Scotia (The) (NYSE:BNS)

Key Points

• Texas Yale Capital Corp. reduced its stake in Bank of Nova Scotia by 42.2%, now holding 8,413 shares worth $399,000.
• The Bank of Nova Scotia reported a quarterly EPS of $1.06, missing estimates by $0.08, with quarterly revenue of $6.59 billion.
• The bank announced a quarterly dividend increase to $0.7996, which translates to an annualized dividend of $3.20 and a yield of 5.65%.

Texas Yale Capital Corp. trimmed its position in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 42.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 8,413 shares of the bank's stock after selling 6,144 shares during the quarter. Texas Yale Capital Corp.'s holdings in Bank of Nova Scotia were worth $399,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. HB Wealth Management LLC grew its position in Bank of Nova Scotia by 8.0% during the 1st quarter. HB Wealth Management LLC now owns 4,406 shares of the bank's stock valued at $209,000 after purchasing an additional 327 shares during the last quarter. Mediolanum International Funds Ltd grew its position in Bank of Nova Scotia by 235.5% during the 1st quarter. Mediolanum International Funds Ltd now owns 18,268 shares of the bank's stock valued at $874,000 after purchasing an additional 12,823 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its position in Bank of Nova Scotia by 4.7% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 168,186 shares of the bank's stock valued at $7,977,000 after purchasing an additional 7,500 shares during the last quarter. Avantax Advisory Services Inc. boosted its holdings in shares of Bank of Nova Scotia by 0.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 58,073 shares of the bank's stock valued at $2,754,000 after acquiring an additional 298 shares during the last quarter. Finally, Davis Rea LTD. purchased a new stake in shares of Bank of Nova Scotia during the 1st quarter valued at about $4,528,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Performance

Shares of NYSE BNS opened at $56.63 on Monday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.62. The company has a market cap of $70.41 billion, a PE ratio of 16.61, a PEG ratio of 1.42 and a beta of 1.12. The firm's 50-day moving average price is $54.25 and its 200-day moving average price is $51.05. Bank of Nova Scotia has a 52-week low of $43.67 and a 52-week high of $57.07.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 return on equity of 11.27% and a net margin of 8.83%. The business's quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.58 EPS. As a group, analysts anticipate that Bank of Nova Scotia will post 4.91 EPS for the current year.

Bank of Nova Scotia Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 29th. Investors of record on Wednesday, July 2nd will be issued a $0.7996 dividend. This is an increase from Bank of Nova Scotia's previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, July 2nd. This represents a $3.20 dividend on an annualized basis and a dividend yield of 5.65%. Bank of Nova Scotia's dividend payout ratio (DPR) is presently 94.72%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Bank of Nova Scotia from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Bank of America downgraded shares of Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, Bank of Nova Scotia has an average rating of "Hold" and an average target price 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.

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