Avalon Investment & Advisory lowered its stake in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 9.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 53,404 shares of the bank’s stock after selling 5,752 shares during the period. Avalon Investment & Advisory’s holdings in Bank of Nova Scotia were worth $2,202,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of BNS. WASHINGTON TRUST Co acquired a new position in Bank of Nova Scotia during the 1st quarter worth approximately $32,000. Beese Fulmer Investment Management Inc. purchased a new position in shares of Bank of Nova Scotia during the 2nd quarter worth approximately $62,000. Balentine LLC purchased a new position in shares of Bank of Nova Scotia during the 1st quarter worth approximately $77,000. Banque Cantonale Vaudoise raised its stake in shares of Bank of Nova Scotia by 14.5% during the 2nd quarter. Banque Cantonale Vaudoise now owns 2,369 shares of the bank’s stock worth $98,000 after buying an additional 300 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Bank of Nova Scotia during the 1st quarter worth approximately $111,000. Institutional investors own 47.33% of the company’s stock.
BNS stock traded down $0.24 during trading on Thursday, reaching $42.59. 51,567 shares of the company traded hands, compared to its average volume of 825,629. Bank of Nova Scotia has a 12 month low of $31.94 and a 12 month high of $58.22. The business has a 50 day simple moving average of $41.80 and a 200 day simple moving average of $43.07. The company has a market capitalization of $52.43 billion, a price-to-earnings ratio of 9.51, a price-to-earnings-growth ratio of 2.04 and a beta of 0.94. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.05 and a current ratio of 1.05.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, May 26th. The bank reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.33. Bank of Nova Scotia had a return on equity of 12.56% and a net margin of 16.36%. The business had revenue of $7.96 billion during the quarter, compared to the consensus estimate of $7.87 billion. During the same quarter last year, the company earned $1.70 earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. As a group, research analysts forecast that Bank of Nova Scotia will post 3.94 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 29th. Stockholders of record on Tuesday, July 7th were given a dividend of $0.6555 per share. The ex-dividend date of this dividend was Monday, July 6th. This represents a $2.62 annualized dividend and a dividend yield of 6.16%. Bank of Nova Scotia’s dividend payout ratio is presently 49.53%.
Several research firms recently weighed in on BNS. TD Securities dropped their price objective on Bank of Nova Scotia from $66.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. CIBC began coverage on Bank of Nova Scotia in a research note on Friday, July 24th. They issued a “neutral” rating for the company. Zacks Investment Research downgraded Bank of Nova Scotia from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 11th. Barclays cut Bank of Nova Scotia from an “overweight” rating to an “underweight” rating and lowered their target price for the company from $59.00 to $53.00 in a report on Wednesday. Finally, Royal Bank of Canada increased their target price on Bank of Nova Scotia from $59.00 to $64.00 and gave the company a “sector perform” rating in a report on Wednesday, May 27th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $66.21.
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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