Vise Technologies Inc. Buys New Stake in Bank of Nova Scotia (The) $BNS

Key Points

• Vise Technologies acquired 31,394 Bank of Nova Scotia shares in the third quarter, worth approximately $2.85 million. Institutional investors collectively own 49.13% of the bank.
• Analysts give BNS a consensus “Moderate Buy” rating, with a target price of $105.50. The bank reported quarterly EPS of $1.64, beating the $1.53 consensus, while revenue rose 11.1% year over year.
• Scotiabank paid a quarterly dividend of C$1.14 per share, equivalent to a 4.7% yield at the article’s cited share price, and authorized a buyback of up to 40 million shares, or 3.3% of outstanding shares.

Vise Technologies Inc. acquired a new position in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 31,394 shares of the bank's stock, valued at approximately $2,852,000.

Several other large investors have also recently added to or reduced their stakes in BNS. CoreCap Advisors LLC boosted its position in shares of Bank of Nova Scotia by 1,366.7% in the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank's stock valued at $38,000 after acquiring an additional 410 shares during the period. Addison Advisors LLC bought a new position in Bank of Nova Scotia during the second quarter worth about $39,000. Global Retirement Partners LLC acquired a new stake in Bank of Nova Scotia in the 2nd quarter worth about $46,000. Jones Financial Companies Lllp acquired a new stake in Bank of Nova Scotia in the 2nd quarter worth about $61,000. Finally, Allworth Financial LP acquired a new stake in Bank of Nova Scotia in the 2nd quarter worth about $96,000. Institutional investors own 49.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on BNS shares. Weiss Ratings upgraded shares of Bank of Nova Scotia from a "buy (a-)" rating to a "buy (a)" rating in a research report on Thursday, October 8th. Keefe, Bruyette & Woods assumed coverage on shares of Bank of Nova Scotia in a research report on Friday, August 21st. They issued an "outperform" rating for the company. TD upgraded Bank of Nova Scotia to a "buy" rating in a research note on Wednesday, August 26th. TD Securities raised Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research report on Tuesday, August 25th. Finally, National Bank Financial upgraded Bank of Nova Scotia from a "sector perform" rating to an "outperform" rating in a research note on Wednesday, August 26th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $105.50.

Bank of Nova Scotia Stock Performance

NYSE BNS opened at $96.41 on Thursday. The firm's 50 day simple moving average is $92.45 and its 200 day simple moving average is $82.65. The firm has a market capitalization of $117.22 billion, a price-to-earnings ratio of 15.66, a P/E/G ratio of 0.94 and a beta of 1.14. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. Bank of Nova Scotia has a 1 year low of $65.24 and a 1 year high of $96.53.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings data on Tuesday, August 25th. The bank reported $1.64 EPS for the quarter, beating the consensus estimate of $1.53 by $0.11. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. The business had revenue of $7.52 billion during the quarter, compared to the consensus estimate of $7.11 billion. During the same period in the previous year, the business earned $1.84 earnings per share. The company's revenue was up 11.1% on a year-over-year basis. As a group, research analysts expect that Bank of Nova Scotia will post 6.19 earnings per share for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 28th. Shareholders of record on Tuesday, October 6th were given a C$1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date was Tuesday, October 6th. Bank of Nova Scotia's payout ratio is currently 57.87%.

Bank of Nova Scotia declared that its Board of Directors has approved a stock buyback program on Friday, October 2nd that allows the company to repurchase 40,000,000 outstanding shares. This buyback authorization allows the bank to reacquire up to 3.3% of its shares through open market purchases. Share buyback programs are often a sign that the company's board believes its shares are undervalued.

About Bank of Nova Scotia

Bank of Nova Scotia, operating under the Scotiabank name, is a Canadian financial services company that provides banking and related services to individuals, businesses, institutions and governments. Its principal businesses include Canadian Banking, International Banking, Global Wealth Management and Global Banking and Markets.

The company offers personal and commercial deposit accounts, mortgages, consumer and business loans, credit cards, payments and other financial products. Through its wealth management operations, Scotiabank provides investment, advisory, brokerage and private banking services.

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