Zurcher Kantonalbank Zurich Cantonalbank Has $27.32 Million Position in Bank of Nova Scotia (The) (NYSE:BNS)

Key Points

• Zurcher Kantonalbank reduced its holdings in Bank of Nova Scotia by 5.0%, selling 30,039 shares during the first quarter and ending with 576,194 shares valued at $27.31 million.
• The Bank of Nova Scotia reported earnings of $1.06 per share for the last quarter, missing estimates, while revenue was $6.59 billion, significantly below the consensus estimate of $8.98 billion.
• The bank has declared a quarterly dividend of $0.7996 per share, reflecting a yield of 5.68%, an increase from the previous dividend of $0.74.

Zurcher Kantonalbank Zurich Cantonalbank cut its position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 5.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 576,194 shares of the bank's stock after selling 30,039 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Bank of Nova Scotia were worth $27,315,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Compagnie Lombard Odier SCmA bought a new stake in shares of Bank of Nova Scotia during the 1st quarter worth about $52,000. Independence Bank of Kentucky raised its stake in Bank of Nova Scotia by 38.4% in the 1st quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock worth $56,000 after purchasing an additional 326 shares in the last quarter. North Capital Inc. acquired a new stake in Bank of Nova Scotia in the 1st quarter worth about $81,000. Atlas Capital Advisors Inc. acquired a new stake in Bank of Nova Scotia in the 4th quarter worth about $83,000. Finally, Dunhill Financial LLC acquired a new stake in Bank of Nova Scotia in the 4th quarter worth about $95,000. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia Price Performance

BNS stock traded down $0.29 during trading on Friday, reaching $55.32. 602,096 shares of the company were exchanged, compared to its average volume of 2,032,226. Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month high of $57.07. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $68.78 billion, a price-to-earnings ratio of 16.24, a P/E/G ratio of 1.41 and a beta of 1.12. The company has a 50-day moving average of $54.60 and a two-hundred day moving average of $51.19.

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 earnings per share for the quarter, missing analysts' consensus estimates of $1.14 by ($0.08). Bank of Nova Scotia had a return on equity of 11.27% and a net margin of 8.83%. The business had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $8.98 billion. During the same period in the previous year, the firm earned $1.58 earnings per share. The company's revenue was up 8.8% compared to the same quarter last year. As a group, equities analysts predict that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Bank of Nova Scotia Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 29th. Stockholders of record on Wednesday, July 2nd were paid a $0.7996 dividend. The ex-dividend date of this dividend was Wednesday, July 2nd. This represents a $3.20 dividend on an annualized basis and a dividend yield of 5.8%. This is an increase from Bank of Nova Scotia's previous quarterly dividend of $0.74. Bank of Nova Scotia's payout ratio is currently 94.72%.

Analyst Ratings Changes

Separately, Wall Street Zen cut shares of 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 given a buy rating to the company's stock. According to data from MarketBeat.com, the stock 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.