Mitchell Mcleod Pugh & Williams Inc. maintained its position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,150 shares of the bank’s stock at the end of the second quarter. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Bank of Nova Scotia (The) were worth $490,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. New England Research & Management Inc. raised its position in shares of Bank of Nova Scotia (The) by 1.3% in the second quarter. New England Research & Management Inc. now owns 5,700 shares of the bank’s stock worth $343,000 after buying an additional 75 shares during the last quarter. Shoker Investment Counsel Inc. raised its position in shares of Bank of Nova Scotia (The) by 2.3% in the first quarter. Shoker Investment Counsel Inc. now owns 9,192 shares of the bank’s stock worth $538,000 after buying an additional 211 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Bank of Nova Scotia (The) by 3.9% in the first quarter. Parallel Advisors LLC now owns 5,669 shares of the bank’s stock worth $313,000 after buying an additional 214 shares during the last quarter. Cypress Wealth Advisors LLC raised its position in shares of Bank of Nova Scotia (The) by 4.3% in the first quarter. Cypress Wealth Advisors LLC now owns 5,234 shares of the bank’s stock worth $307,000 after buying an additional 218 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Bank of Nova Scotia (The) by 7.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 5,300 shares of the bank’s stock worth $310,000 after buying an additional 388 shares during the last quarter. Institutional investors and hedge funds own 49.61% of the company’s stock.
Bank of Nova Scotia (NYSE:BNS) traded down 0.27% on Friday, reaching $62.05. The company’s stock had a trading volume of 426,889 shares. The company has a 50-day moving average price of $59.74 and a 200 day moving average price of $58.62. The company has a market cap of $74.58 billion, a P/E ratio of 12.58 and a beta of 1.26. Bank of Nova Scotia has a 12 month low of $49.61 and a 12 month high of $62.89.
Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, May 30th. The bank reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.08. Bank of Nova Scotia (The) had a return on equity of 14.45% and a net margin of 22.17%. The business had revenue of $6.58 billion during the quarter, compared to analysts’ expectations of $6.73 billion. During the same quarter in the prior year, the firm earned $1.46 EPS. The business’s revenue for the quarter was down .2% compared to the same quarter last year. On average, equities research analysts anticipate that Bank of Nova Scotia will post $5.13 EPS for the current fiscal year.
Bank of Nova Scotia (The) announced that its board has approved a share repurchase plan on Tuesday, May 30th that authorizes the company to repurchase 24,000,000 outstanding shares. This repurchase authorization authorizes the bank to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 27th. Shareholders of record on Tuesday, July 4th will be issued a $0.5635 dividend. The ex-dividend date is Thursday, June 29th. This represents a $2.25 dividend on an annualized basis and a yield of 3.63%. Bank of Nova Scotia (The)’s payout ratio is presently 46.97%.
A number of brokerages recently commented on BNS. Zacks Investment Research upgraded Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a research note on Tuesday. Bank of America Corporation upped their target price on Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, May 31st. BidaskClub upgraded Bank of Nova Scotia (The) from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 13th. Canaccord Genuity began coverage on Bank of Nova Scotia (The) in a research note on Tuesday. They issued a “buy” rating for the company. Finally, National Bank Financial restated an “outperform overweight” rating on shares of Bank of Nova Scotia (The) in a research note on Thursday, May 18th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $74.67.
About Bank of Nova Scotia (The)
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.
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