Bank of Nova Scotia (The) (BNS) Shares Sold by NorthCoast Asset Management LLC

NorthCoast Asset Management LLC lessened its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 60.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 32,089 shares of the bank’s stock after selling 48,599 shares during the quarter. NorthCoast Asset Management LLC’s holdings in Bank of Nova Scotia (The) were worth $1,930,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Stanley Laman Group Ltd. raised its position in Bank of Nova Scotia (The) by 0.4% during the second quarter. Stanley Laman Group Ltd. now owns 9,206 shares of the bank’s stock valued at $554,000 after acquiring an additional 39 shares in the last quarter. New England Research & Management Inc. raised its position in Bank of Nova Scotia (The) by 1.3% during the second quarter. New England Research & Management Inc. now owns 5,700 shares of the bank’s stock valued at $343,000 after acquiring an additional 75 shares in the last quarter. Shoker Investment Counsel Inc. raised its position in Bank of Nova Scotia (The) by 1.4% during the second quarter. Shoker Investment Counsel Inc. now owns 9,325 shares of the bank’s stock valued at $560,000 after acquiring an additional 133 shares in the last quarter. Parallel Advisors LLC raised its position in Bank of Nova Scotia (The) by 3.9% during the first quarter. Parallel Advisors LLC now owns 5,669 shares of the bank’s stock valued at $313,000 after acquiring an additional 214 shares in the last quarter. Finally, Cypress Wealth Advisors LLC raised its position in Bank of Nova Scotia (The) by 4.3% during the first quarter. Cypress Wealth Advisors LLC now owns 5,234 shares of the bank’s stock valued at $307,000 after acquiring an additional 218 shares in the last quarter. 45.27% of the stock is currently owned by hedge funds and other institutional investors.

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A number of equities analysts have recently commented on BNS shares. Scotiabank reissued a “buy” rating and issued a $88.00 price target on shares of Bank of Nova Scotia (The) in a research report on Wednesday, August 30th. Canaccord Genuity set a $87.00 price target on shares of Bank of Nova Scotia (The) and gave the company a “buy” rating in a research report on Tuesday, August 29th. BidaskClub raised shares of Bank of Nova Scotia (The) from a “sell” rating to a “hold” rating in a research report on Friday, August 18th. Zacks Investment Research raised shares of Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a research report on Tuesday, July 18th. Finally, Bank of America Corporation lifted their price target on shares of Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, May 31st. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $83.20.

Bank of Nova Scotia (BNS) traded down 0.44% during midday trading on Friday, reaching $63.17. 753,399 shares of the company’s stock were exchanged. The company has a market cap 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 price of $61.96 and a 200 day moving average price of $59.26. 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 quarterly earnings data on Tuesday, August 29th. The bank reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.65 by ($0.38). The firm had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.28 billion. Bank of Nova Scotia (The) had a return on equity of 14.54% and a net margin of 22.26%. During the same quarter in the previous year, the business earned $1.54 EPS. On average, equities analysts anticipate that Bank of Nova Scotia will post $5.39 EPS for the current year.

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

Bank of Nova Scotia (The) announced that its board has initiated a stock repurchase program on Tuesday, May 30th that authorizes the company to buyback 24,000,000 outstanding shares. This buyback authorization authorizes the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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.

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

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