Investec Asset Management PTY Ltd Has $1.72 Million Stake in Bank of Nova Scotia (The) (BNS)

Investec Asset Management PTY Ltd lifted its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 51.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,678 shares of the bank’s stock after buying an additional 9,743 shares during the period. Bank of Nova Scotia (The) comprises 1.0% of Investec Asset Management PTY Ltd’s investment portfolio, making the stock its 20th biggest holding. Investec Asset Management PTY Ltd’s holdings in Bank of Nova Scotia (The) were worth $1,719,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Investec Asset Management LTD raised its stake in shares of Bank of Nova Scotia (The) by 15.9% during the 2nd quarter. Investec Asset Management LTD now owns 2,538,054 shares of the bank’s stock worth $152,455,000 after buying an additional 347,432 shares in the last quarter. Investec Asset Management North America Inc. raised its stake in shares of Bank of Nova Scotia (The) by 25.4% during the 2nd quarter. Investec Asset Management North America Inc. now owns 36,225 shares of the bank’s stock worth $2,176,000 after buying an additional 7,329 shares in the last quarter. Bahl & Gaynor Inc. raised its stake in shares of Bank of Nova Scotia (The) by 1.8% during the 2nd quarter. Bahl & Gaynor Inc. now owns 8,855 shares of the bank’s stock worth $493,000 after buying an additional 155 shares in the last quarter. Bridgewater Associates LP purchased a new position in shares of Bank of Nova Scotia (The) during the 2nd quarter worth approximately $15,276,000. Finally, Ameriprise Financial Inc. raised its stake in shares of Bank of Nova Scotia (The) by 87.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,604 shares of the bank’s stock worth $397,000 after buying an additional 3,081 shares in the last quarter. 45.27% of the stock is owned by institutional investors and hedge funds.

BNS has been the subject of a number of analyst reports. Zacks Investment Research raised Bank of Nova Scotia (The) from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. Royal Bank Of Canada increased their target price on Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 31st. Canaccord Genuity set a $87.00 target price on Bank of Nova Scotia (The) and gave the stock a “buy” rating in a research note on Tuesday, August 29th. Scotiabank reissued a “buy” rating and set a $88.00 target price on shares of Bank of Nova Scotia (The) in a research note on Wednesday, August 30th. Finally, BidaskClub raised Bank of Nova Scotia (The) from a “sell” rating to a “hold” rating in a research note on Friday, June 23rd. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $83.20.

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Bank of Nova Scotia (NYSE BNS) traded down 0.44% during trading on Friday, reaching $63.17. The company had a trading volume of 753,399 shares. Bank of Nova Scotia has a 52-week low of $51.21 and a 52-week high of $63.60. The firm has a market capitalization of $75.69 billion, a P/E ratio of 12.32 and a beta of 1.27. The company has a 50-day moving average of $61.96 and a 200-day moving average of $59.26.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last announced its earnings results on Tuesday, August 29th. The bank reported $1.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by ($0.38). Bank of Nova Scotia (The) had a return on equity of 14.54% and a net margin of 22.26%. The firm had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the previous year, the firm earned $1.54 EPS. Analysts expect that Bank of Nova Scotia will post $5.39 EPS for the current fiscal year.

Bank of Nova Scotia (The) announced that its Board of Directors has approved a stock buyback program on Tuesday, May 30th that permits the company to buyback 24,000,000 outstanding shares. This buyback authorization permits the bank to buy shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Tuesday, October 3rd will be issued a dividend of $0.6294 per share. This is a boost from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, October 2nd. This represents a $2.52 annualized dividend and a yield of 3.99%. Bank of Nova Scotia (The)’s payout ratio is presently 46.30%.

About Bank of Nova Scotia (The)

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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Institutional Ownership by Quarter for Bank of Nova Scotia (The) (NYSE:BNS)

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