JPMorgan Chase & Co. raised its stake in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 6.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,696,890 shares of the bank’s stock after purchasing an additional 154,666 shares during the quarter. JPMorgan Chase & Co. owned 0.22% of Bank of Nova Scotia worth $143,691,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc boosted its stake in Bank of Nova Scotia by 3.9% in the 3rd quarter. Vanguard Group Inc now owns 32,022,181 shares of the bank’s stock worth $1,909,483,000 after purchasing an additional 1,199,502 shares during the period. Toronto Dominion Bank boosted its stake in Bank of Nova Scotia by 18.8% in the 1st quarter. Toronto Dominion Bank now owns 25,880,112 shares of the bank’s stock worth $1,377,776,000 after purchasing an additional 4,102,714 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Bank of Nova Scotia by 3.9% during the 4th quarter. Mackenzie Financial Corp now owns 22,852,865 shares of the bank’s stock worth $1,139,672,000 after buying an additional 854,455 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Bank of Nova Scotia by 0.3% during the 4th quarter. Great West Life Assurance Co. Can now owns 14,136,367 shares of the bank’s stock worth $705,193,000 after buying an additional 39,232 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Bank of Nova Scotia during the 4th quarter worth about $701,072,000. 45.25% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently commented on the stock. ValuEngine upgraded shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Friday, June 7th. Barclays reaffirmed an “average” rating and issued a $78.00 target price on shares of Bank of Nova Scotia in a report on Thursday, May 30th. Zacks Investment Research cut shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Desjardins reissued an “average” rating and issued a $81.00 price target on shares of Bank of Nova Scotia in a report on Wednesday, February 27th. Finally, CIBC cut shares of Bank of Nova Scotia from a “sector outperform” rating to a “neutral” rating in a report on Wednesday, February 27th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $77.75.
Shares of NYSE BNS traded down $0.08 during trading hours on Friday, hitting $52.64. 399,900 shares of the stock were exchanged, compared to its average volume of 763,432. The firm has a market capitalization of $64.11 billion, a price-to-earnings ratio of 9.68, a P/E/G ratio of 1.99 and a beta of 1.15. Bank of Nova Scotia has a 1-year low of $48.34 and a 1-year high of $60.60. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, May 28th. The bank reported $1.70 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.74 by ($0.04). The business had revenue of $7.80 billion for the quarter, compared to the consensus estimate of $7.60 billion. Bank of Nova Scotia had a net margin of 19.20% and a return on equity of 13.55%. Bank of Nova Scotia’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $1.70 EPS. On average, equities research analysts forecast that Bank of Nova Scotia will post 5.26 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Tuesday, July 2nd will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date is Friday, June 28th. Bank of Nova Scotia’s dividend payout ratio is presently 47.98%.
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Bank of Nova Scotia 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.
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