Scotia Capital Inc. Acquires 133,887 Shares of Bank of Nova Scotia (NYSE:BNS)

Scotia Capital Inc. grew its holdings in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 1.4% during the second quarter, Holdings Channel reports. The firm owned 9,495,983 shares of the bank’s stock after purchasing an additional 133,887 shares during the period. Bank of Nova Scotia accounts for about 6.2% of Scotia Capital Inc.’s portfolio, making the stock its 2nd largest position. Scotia Capital Inc.’s holdings in Bank of Nova Scotia were worth $509,451,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Quadrant Capital Group LLC increased its position in shares of Bank of Nova Scotia by 4.6% during the second quarter. Quadrant Capital Group LLC now owns 9,104 shares of the bank’s stock valued at $486,000 after purchasing an additional 401 shares during the period. Cornerstone Advisors Inc. boosted its stake in Bank of Nova Scotia by 19.8% during the first quarter. Cornerstone Advisors Inc. now owns 2,533 shares of the bank’s stock worth $135,000 after buying an additional 419 shares in the last quarter. M&T Bank Corp increased its holdings in Bank of Nova Scotia by 5.3% in the 2nd quarter. M&T Bank Corp now owns 8,623 shares of the bank’s stock valued at $469,000 after buying an additional 432 shares during the period. Conning Inc. increased its holdings in Bank of Nova Scotia by 4.8% in the 2nd quarter. Conning Inc. now owns 10,400 shares of the bank’s stock valued at $565,000 after buying an additional 475 shares during the period. Finally, Cerebellum GP LLC increased its holdings in Bank of Nova Scotia by 8.3% in the 2nd quarter. Cerebellum GP LLC now owns 6,189 shares of the bank’s stock valued at $336,000 after buying an additional 476 shares during the period. Institutional investors and hedge funds own 45.66% of the company’s stock.

Shares of NYSE BNS traded up $0.41 during midday trading on Wednesday, reaching $55.85. 545,252 shares of the company traded hands, compared to its average volume of 833,232. The stock’s 50-day simple moving average is $52.61 and its 200-day simple moving average is $53.45. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.06 and a current ratio of 1.06. Bank of Nova Scotia has a 12 month low of $48.34 and a 12 month high of $60.52. The firm has a market cap of $67.79 billion, a PE ratio of 10.27, a PEG ratio of 2.60 and a beta of 1.18.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, August 27th. The bank reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.04. The firm had revenue of $7.66 billion during the quarter, compared to the consensus estimate of $7.86 billion. Bank of Nova Scotia had a net margin of 18.32% and a return on equity of 13.53%. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period last year, the firm posted $1.76 EPS. On average, equities research analysts expect that Bank of Nova Scotia will post 5.36 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 29th. Stockholders of record on Tuesday, October 1st will be issued a dividend of $0.682 per share. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.65. The ex-dividend date of this dividend is Monday, September 30th. This represents a $2.73 annualized dividend and a dividend yield of 4.88%. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 48.90%.

A number of research firms have recently commented on BNS. Canaccord Genuity reaffirmed a “hold” rating on shares of Bank of Nova Scotia in a report on Wednesday, August 28th. Zacks Investment Research cut shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Thursday, August 29th. Credit Suisse Group increased their price target on shares of Bank of Nova Scotia from $73.00 to $75.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 28th. BMO Capital Markets cut their price target on shares of Bank of Nova Scotia from $80.00 to $78.00 and set an “outperform” rating for the company in a research note on Wednesday, August 28th. Finally, ValuEngine downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. Bank of Nova Scotia has an average rating of “Hold” and an average target price of $76.17.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company 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.

Further Reading: Short Selling

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

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