Shell Asset Management Co. Sells 40,494 Shares of Bank of Nova Scotia (BNS)

Shell Asset Management Co. trimmed its stake in Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 13.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 254,427 shares of the bank’s stock after selling 40,494 shares during the quarter. Shell Asset Management Co.’s holdings in Bank of Nova Scotia were worth $15,154,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Raymond James & Associates grew its holdings in shares of Bank of Nova Scotia by 1.9% in the 2nd quarter. Raymond James & Associates now owns 51,024 shares of the bank’s stock worth $2,889,000 after acquiring an additional 951 shares during the last quarter. Creative Planning grew its holdings in shares of Bank of Nova Scotia by 7.4% in the 2nd quarter. Creative Planning now owns 14,084 shares of the bank’s stock worth $806,000 after acquiring an additional 971 shares during the last quarter. Coastline Trust Co grew its holdings in shares of Bank of Nova Scotia by 24.8% during the second quarter. Coastline Trust Co now owns 6,800 shares of the bank’s stock valued at $390,000 after buying an additional 1,350 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Bank of Nova Scotia by 4.6% during the third quarter. PNC Financial Services Group Inc. now owns 36,578 shares of the bank’s stock valued at $2,180,000 after buying an additional 1,600 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of Bank of Nova Scotia by 193.7% during the second quarter. Advisors Asset Management Inc. now owns 2,664 shares of the bank’s stock valued at $152,000 after buying an additional 1,757 shares in the last quarter. Institutional investors and hedge funds own 46.42% of the company’s stock.

Shares of BNS stock opened at $52.80 on Friday. Bank of Nova Scotia has a 1-year low of $52.09 and a 1-year high of $66.78. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.09. The firm has a market cap of $64.83 billion, a PE ratio of 10.08, a price-to-earnings-growth ratio of 1.54 and a beta of 1.25.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, August 28th. The bank reported $1.76 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.39. Bank of Nova Scotia had a return on equity of 14.62% and a net margin of 21.55%. The firm had revenue of $7.18 billion for the quarter, compared to the consensus estimate of $7.34 billion. During the same quarter in the previous year, the company posted $1.66 earnings per share. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of Nova Scotia will post 5.32 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, October 29th. Shareholders of record on Tuesday, October 2nd were paid a $0.6539 dividend. The ex-dividend date of this dividend was Monday, October 1st. This represents a $2.62 dividend on an annualized basis and a yield of 4.95%. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.64. Bank of Nova Scotia’s payout ratio is 50.19%.

A number of brokerages have recently weighed in on BNS. Canaccord Genuity reiterated a “hold” rating on shares of Bank of Nova Scotia in a report on Thursday. TD Securities reiterated a “buy” rating on shares of Bank of Nova Scotia in a report on Monday, November 19th. Barclays reiterated an “average” rating and set a $85.00 price target on shares of Bank of Nova Scotia in a report on Friday, November 16th. Zacks Investment Research downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Friday, November 9th. Finally, Desjardins reiterated an “average” rating and set a $85.00 price target on shares of Bank of Nova Scotia in a report on Thursday, November 8th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $81.00.

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Bank of Nova Scotia Profile

The Bank of Nova Scotia provides various financial services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. It offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

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

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