Investec Asset Management North America Inc. boosted its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 25.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 36,225 shares of the bank’s stock after buying an additional 7,329 shares during the period. Investec Asset Management North America Inc.’s holdings in Bank of Nova Scotia (The) were worth $2,176,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Fiduciary Trust Co. purchased a new stake in Bank of Nova Scotia (The) during the 2nd quarter valued at $102,000. IFP Advisors Inc raised its holdings in Bank of Nova Scotia (The) by 46.7% during the 2nd quarter. IFP Advisors Inc now owns 2,077 shares of the bank’s stock valued at $125,000 after buying an additional 661 shares during the period. Janney Montgomery Scott LLC purchased a new stake in Bank of Nova Scotia (The) during the 1st quarter valued at $203,000. Jones Financial Companies Lllp purchased a new stake in Bank of Nova Scotia (The) during the 1st quarter valued at $211,000. Finally, CAPROCK Group Inc. purchased a new stake in Bank of Nova Scotia (The) during the 2nd quarter valued at $211,000. Institutional investors own 45.27% of the company’s stock.
Several analysts recently weighed in on the company. Royal Bank Of Canada increased their price target on Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, May 31st. Canaccord Genuity began coverage on Bank of Nova Scotia (The) in a report on Tuesday, July 18th. They set a “buy” rating on the stock. BidaskClub lowered Bank of Nova Scotia (The) from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Bank of America Corporation increased their target price on Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, May 31st. Finally, Scotiabank reiterated a “buy” rating and issued a $88.00 target price on shares of Bank of Nova Scotia (The) in a research note on Wednesday, August 30th. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $83.20.
Bank of Nova Scotia (NYSE:BNS) traded down 0.44% during mid-day trading on Friday, reaching $63.17. The company’s stock had a trading volume of 753,399 shares. The firm’s 50 day moving average price is $61.96 and its 200 day moving average price is $59.26. The stock has a market cap of $75.69 billion, a price-to-earnings ratio of 12.32 and a beta of 1.27. Bank of Nova Scotia has a 12-month low of $51.21 and a 12-month high of $63.60.
Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, August 29th. The bank reported $1.27 EPS for the quarter, missing the Zacks’ consensus estimate of $1.65 by ($0.38). Bank of Nova Scotia (The) had a net margin of 22.26% and a return on equity of 14.54%. The business had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $5.28 billion. During the same quarter in the prior year, the firm earned $1.54 EPS. On average, equities analysts predict that Bank of Nova Scotia will post $5.39 earnings per share for the current year.
Bank of Nova Scotia (The) announced that its board has approved a share buyback plan on Tuesday, May 30th that allows the company to repurchase 24,000,000 outstanding shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Tuesday, October 3rd will be given a $0.6294 dividend. The ex-dividend date of this dividend is Monday, October 2nd. This represents a $2.52 dividend on an annualized basis and a yield of 3.99%. This is an increase from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56. Bank of Nova Scotia (The)’s payout ratio is currently 46.30%.
Bank of Nova Scotia (The) Profile
The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
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