Vanguard Group Inc. boosted its stake in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 34,847,903 shares of the bank’s stock after purchasing an additional 928,427 shares during the quarter. Vanguard Group Inc.’s holdings in Bank of Nova Scotia were worth $1,893,984,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Flinton Capital Management LLC grew its position in Bank of Nova Scotia by 17.2% during the second quarter. Flinton Capital Management LLC now owns 13,160 shares of the bank’s stock worth $679,000 after buying an additional 1,932 shares during the period. Capital Investment Advisors LLC acquired a new position in Bank of Nova Scotia during the second quarter worth about $206,000. Cardinal Capital Management Inc. grew its position in Bank of Nova Scotia by 0.8% during the second quarter. Cardinal Capital Management Inc. now owns 982,383 shares of the bank’s stock worth $52,771,000 after buying an additional 7,600 shares during the period. Commonwealth Bank of Australia grew its position in shares of Bank of Nova Scotia by 29.5% in the first quarter. Commonwealth Bank of Australia now owns 257,934 shares of the bank’s stock valued at $13,742,000 after purchasing an additional 58,784 shares during the last quarter. Finally, AlphaCrest Capital Management LLC grew its position in shares of Bank of Nova Scotia by 647.5% in the first quarter. AlphaCrest Capital Management LLC now owns 51,577 shares of the bank’s stock valued at $2,748,000 after purchasing an additional 44,677 shares during the last quarter. Institutional investors own 45.66% of the company’s stock.
Several analysts have recently commented on BNS shares. Credit Suisse Group increased their price target on shares of Bank of Nova Scotia from $73.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, August 28th. BMO Capital Markets lowered their price target on shares of Bank of Nova Scotia from $80.00 to $78.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 28th. Canaccord Genuity reiterated a “hold” rating on shares of Bank of Nova Scotia in a research report on Wednesday, August 28th. ValuEngine lowered shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, Barclays reiterated an “average” rating and issued a $78.00 price target on shares of Bank of Nova Scotia in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $76.17.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, August 27th. The bank reported $1.41 EPS for the quarter, beating the consensus estimate of $1.37 by $0.04. The business had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.86 billion. Bank of Nova Scotia had a net margin of 18.32% and a return on equity of 13.53%. The company’s quarterly revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.76 earnings per share. On average, equities analysts expect that Bank of Nova Scotia will post 5.36 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 29th. Investors of record on Tuesday, October 1st will be given a dividend of $0.682 per share. The ex-dividend date is Monday, September 30th. This represents a $2.73 dividend on an annualized basis and a yield of 4.83%. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.65. Bank of Nova Scotia’s dividend payout ratio (DPR) is 48.90%.
About Bank of Nova Scotia
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.
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