Van ECK Associates Corp Has $136.84 Million Holdings in Bank of Nova Scotia (The) $BNS

Key Points

• Van ECK Associates reduced its Bank of Nova Scotia stake by 3.8% in the second quarter, selling 62,024 shares. It still held 1.58 million shares valued at approximately $136.84 million, while institutional investors collectively owned 49.13% of the stock.
• Analyst sentiment remains favorable: five analysts rate BNS a Buy and two rate it a Hold, resulting in a “Moderate Buy” consensus and an average price target of $117.
• Bank of Nova Scotia reported quarterly EPS of $1.47, exceeding expectations, while revenue rose 8.3% year over year to $7.24 billion. The bank also announced a quarterly dividend of $1.14, representing an annualized yield of about 4.9%.

Van ECK Associates Corp cut its holdings in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 3.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,578,524 shares of the bank's stock after selling 62,024 shares during the period. Van ECK Associates Corp owned 0.13% of Bank of Nova Scotia worth $136,841,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the business. Hsbc Holdings PLC grew its holdings in Bank of Nova Scotia by 28.0% in the 2nd quarter. Hsbc Holdings PLC now owns 9,500 shares of the bank's stock valued at $824,000 after buying an additional 2,077 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of Bank of Nova Scotia during the second quarter worth approximately $354,379,000. United Capital Financial Advisors LLC bought a new stake in shares of Bank of Nova Scotia in the second quarter valued at approximately $280,000. Old North State Trust LLC bought a new stake in shares of Bank of Nova Scotia in the second quarter valued at approximately $423,000. Finally, Ruggaard & Associates LLC acquired a new stake in shares of Bank of Nova Scotia in the second quarter worth $741,000. Institutional investors own 49.13% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on BNS. National Bank Financial raised shares of Bank of Nova Scotia from a "sector perform" rating to an "outperform" rating in a research report on Wednesday. Royal Bank Of Canada boosted 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 raised shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research report on Tuesday. Weiss Ratings cut Bank of Nova Scotia from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, August 18th. Finally, Keefe, Bruyette & Woods initiated coverage on Bank of Nova Scotia in a research note on Friday, August 21st. They issued an "outperform" rating for the company. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of Nova Scotia presently has a consensus rating of "Moderate Buy" and a consensus target price of $117.00.

Bank of Nova Scotia Price Performance

NYSE:BNS opened at $92.35 on Friday. The firm has a market cap of $112.56 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 1.06 and a beta of 1.11. Bank of Nova Scotia has a 12 month low of $61.69 and a 12 month high of $94.96. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98. The company's 50-day moving average price is $88.14 and its two-hundred day moving average price is $80.15.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. The company had revenue of $7.24 billion during the quarter, compared to analysts' expectations of $7.13 billion. During the same quarter in the previous year, the company posted $1.52 earnings per share. Bank of Nova Scotia's quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities analysts anticipate that Bank of Nova Scotia will post 6.08 EPS 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. Stockholders of record on Tuesday, October 6th will be paid a $1.14 dividend. The ex-dividend date is Tuesday, October 6th. This represents a $4.56 dividend on an annualized basis and a dividend yield of 4.9%. Bank of Nova Scotia's dividend payout ratio (DPR) is 58.05%.

Bank of Nova Scotia 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source