QS Investors LLC Reduces Position in Scotiabank (NYSE:BNS)

QS Investors LLC lessened its holdings in Scotiabank (NYSE:BNS) (TSE:BNS) by 10.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,738 shares of the bank’s stock after selling 1,138 shares during the quarter. QS Investors LLC’s holdings in Scotiabank were worth $628,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Mackenzie Financial Corp raised its position in Scotiabank by 290.6% in the fourth quarter. Mackenzie Financial Corp now owns 26,417,366 shares of the bank’s stock worth $1,704,713,000 after acquiring an additional 19,654,899 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Scotiabank by 24.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 10,948,602 shares of the bank’s stock worth $706,513,000 after buying an additional 2,177,905 shares during the period. Great West Life Assurance Co. Can raised its holdings in Scotiabank by 7.2% during the 3rd quarter. Great West Life Assurance Co. Can now owns 13,611,106 shares of the bank’s stock worth $873,039,000 after buying an additional 913,814 shares during the period. AGF Investments Inc. raised its holdings in Scotiabank by 71.7% during the 4th quarter. AGF Investments Inc. now owns 1,361,153 shares of the bank’s stock worth $87,841,000 after buying an additional 568,616 shares during the period. Finally, Highstreet Asset Management Inc. raised its holdings in Scotiabank by 86.0% during the 4th quarter. Highstreet Asset Management Inc. now owns 1,203,406 shares of the bank’s stock worth $77,661,000 after buying an additional 556,316 shares during the period. 47.46% of the stock is owned by institutional investors.

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Several equities research analysts recently commented on BNS shares. Zacks Investment Research raised Scotiabank from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a research note on Tuesday, February 6th. ValuEngine lowered Scotiabank from a “buy” rating to a “hold” rating in a report on Tuesday, April 3rd. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Scotiabank has a consensus rating of “Buy” and a consensus target price of $86.00.

NYSE:BNS traded down $0.38 during trading hours on Friday, reaching $60.66. The company had a trading volume of 479,239 shares, compared to its average volume of 736,744. Scotiabank has a one year low of $53.86 and a one year high of $66.78. The stock has a market capitalization of $73,125.92, a price-to-earnings ratio of 11.58, a price-to-earnings-growth ratio of 1.39 and a beta of 1.27. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.05 and a quick ratio of 1.05.

Scotiabank (NYSE:BNS) (TSE:BNS) last announced its earnings results on Tuesday, February 27th. The bank reported $1.37 EPS for the quarter, topping the consensus estimate of $1.30 by $0.07. The company had revenue of $7.09 billion for the quarter, compared to analysts’ expectations of $7.01 billion. Scotiabank had a return on equity of 14.78% and a net margin of 22.69%. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.57 earnings per share. research analysts expect that Scotiabank will post 5.49 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 26th. Investors of record on Tuesday, April 3rd will be issued a $0.6454 dividend. This is a boost from Scotiabank’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Monday, April 2nd. This represents a $2.58 annualized dividend and a yield of 4.26%. Scotiabank’s dividend payout ratio (DPR) is currently 48.47%.

Scotiabank declared that its board has initiated a stock repurchase plan on Monday, February 12th that permits the company to repurchase outstanding shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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About Scotiabank

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.

Institutional Ownership by Quarter for Scotiabank (NYSE:BNS)

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