The Bank of Nova Scotia (NYSE:BNS) Plans Quarterly Dividend of $0.80

The Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS declared a quarterly dividend on Wednesday, May 28th, Wall Street Journal reports. Shareholders of record on Wednesday, July 2nd will be given a dividend of 0.7996 per share by the bank on Tuesday, July 29th. This represents a $3.20 dividend on an annualized basis and a yield of 5.98%. The ex-dividend date of this dividend is Wednesday, July 2nd. This is a 7.8% increase from Bank of Nova Scotia's previous quarterly dividend of $0.74.

Bank of Nova Scotia has increased its dividend payment by an average of 4.7% annually over the last three years and has increased its dividend annually for the last 14 consecutive years. Bank of Nova Scotia has a payout ratio of 55.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Bank of Nova Scotia to earn $5.66 per share next year, which means the company should continue to be able to cover its $3.06 annual dividend with an expected future payout ratio of 54.1%.

Bank of Nova Scotia Price Performance

Shares of Bank of Nova Scotia stock traded down $0.04 during trading on Monday, reaching $53.48. The company's stock had a trading volume of 1,726,990 shares, compared to its average volume of 1,701,079. The stock has a 50-day moving average price of $49.10 and a two-hundred day moving average price of $51.06. The stock has a market capitalization of $66.62 billion, a P/E ratio of 12.38, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. Bank of Nova Scotia has a one year low of $43.68 and a one year high of $57.07.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced 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 11.56% and a net margin of 10.20%. The company had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $8.98 billion. During the same period in the prior year, the firm posted $1.58 earnings per share. The company's revenue was up 8.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Bank of Nova Scotia

A hedge fund recently raised its stake in Bank of Nova Scotia stock. AQR Capital Management LLC raised its stake in shares of The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 111.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,096 shares of the bank's stock after buying an additional 10,056 shares during the quarter. AQR Capital Management LLC's holdings in Bank of Nova Scotia were worth $911,000 at the end of the most recent reporting period. 49.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the company. Bank of America lowered Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research report on Monday, March 31st. Royal Bank of Canada decreased their price target on Bank of Nova Scotia from $83.00 to $81.00 and set a "sector perform" rating on the stock in a report on Wednesday, February 26th. Cibc World Mkts cut Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 18th. Wall Street Zen upgraded shares of Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research report on Friday. Finally, CIBC reaffirmed a "neutral" rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $81.00.

About Bank of Nova Scotia

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.