Cidel Asset Management Inc. increased its position in Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 1.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,615,515 shares of the bank’s stock after purchasing an additional 25,982 shares during the quarter. Bank of Nova Scotia makes up about 4.7% of Cidel Asset Management Inc.’s portfolio, making the stock its 4th biggest position. Cidel Asset Management Inc.’s holdings in Bank of Nova Scotia were worth $86,027,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in BNS. Toronto Dominion Bank grew its position in shares of Bank of Nova Scotia by 18.8% during the 1st quarter. Toronto Dominion Bank now owns 25,880,112 shares of the bank’s stock valued at $1,377,776,000 after acquiring an additional 4,102,714 shares during the period. Mn Services Vermogensbeheer B.V. lifted its stake in Bank of Nova Scotia by 1.0% in the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 210,974 shares of the bank’s stock worth $15,009,000 after purchasing an additional 2,000 shares in the last quarter. Cetera Advisors LLC purchased a new position in Bank of Nova Scotia in the 1st quarter worth approximately $445,000. Cornerstone Advisors Inc. lifted its stake in Bank of Nova Scotia by 19.8% in the 1st quarter. Cornerstone Advisors Inc. now owns 2,533 shares of the bank’s stock worth $135,000 after purchasing an additional 419 shares in the last quarter. Finally, Crossmark Global Holdings Inc. lifted its stake in Bank of Nova Scotia by 0.3% in the 1st quarter. Crossmark Global Holdings Inc. now owns 228,968 shares of the bank’s stock worth $12,199,000 after purchasing an additional 660 shares in the last quarter. 48.28% of the stock is currently owned by institutional investors.
BNS has been the topic of several analyst reports. Zacks Investment Research lowered shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Tuesday, March 5th. Desjardins reaffirmed an “average” rating and set a $81.00 price target on shares of Bank of Nova Scotia in a research report on Wednesday, February 27th. TD Securities lowered shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 26th. Finally, CIBC lowered shares of Bank of Nova Scotia from a “sector outperform” rating to a “neutral” rating in a research report on Wednesday, February 27th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $79.50.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, February 26th. The bank reported $1.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.42 by ($0.10). The firm had revenue of $7.60 billion for the quarter, compared to analysts’ expectations of $7.78 billion. Bank of Nova Scotia had a net margin of 19.86% and a return on equity of 13.93%. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.74 EPS. Analysts forecast that Bank of Nova Scotia will post 5.52 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Tuesday, April 2nd were given a $0.663 dividend. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.65. The ex-dividend date was Monday, April 1st. This represents a $2.65 dividend on an annualized basis and a yield of 5.03%. Bank of Nova Scotia’s payout ratio is presently 47.98%.
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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