Bank of Nova Scotia (BNS) Position Trimmed by PCJ Investment Counsel Ltd.
PCJ Investment Counsel Ltd. lowered its position in Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 40.5% during the first quarter, HoldingsChannel reports. The firm owned 912,511 shares of the bank’s stock after selling 620,630 shares during the quarter. Bank of Nova Scotia makes up approximately 4.0% of PCJ Investment Counsel Ltd.’s holdings, making the stock its 6th largest holding. PCJ Investment Counsel Ltd.’s holdings in Bank of Nova Scotia were worth $48,592,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of BNS. Norges Bank purchased a new position in Bank of Nova Scotia in the fourth quarter valued at about $701,072,000. Toronto Dominion Bank grew its stake in Bank of Nova Scotia by 18.8% in the first quarter. Toronto Dominion Bank now owns 25,880,112 shares of the bank’s stock valued at $1,377,776,000 after purchasing an additional 4,102,714 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new position in Bank of Nova Scotia in the first quarter valued at about $217,341,000. Vanguard Group Inc grew its stake in Bank of Nova Scotia by 3.9% in the third quarter. Vanguard Group Inc now owns 32,022,181 shares of the bank’s stock valued at $1,909,483,000 after purchasing an additional 1,199,502 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Bank of Nova Scotia by 138.4% in the third quarter. JPMorgan Chase & Co. now owns 1,992,717 shares of the bank’s stock valued at $118,827,000 after purchasing an additional 1,156,775 shares in the last quarter. Hedge funds and other institutional investors own 48.80% of the company’s stock.
A number of research analysts have commented on the company. Zacks Investment Research upgraded Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Barclays reiterated a “buy” rating on shares of Bank of Nova Scotia in a research note on Friday, May 17th. CIBC downgraded Bank of Nova Scotia from a “sector outperform” rating to a “neutral” rating in a research note on Wednesday, February 27th. TD Securities downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 26th. Finally, Desjardins reiterated an “average” rating and set a $81.00 price target on shares of Bank of Nova Scotia in a research note on Wednesday, February 27th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Bank of Nova Scotia currently 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.42 by ($0.10). The company had revenue of $7.60 billion for the quarter, compared to the consensus estimate of $7.78 billion. Bank of Nova Scotia had a return on equity of 13.93% and a net margin of 19.86%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.74 EPS. On average, equities research analysts forecast that Bank of Nova Scotia will post 5.36 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, April 26th. Stockholders of record on Tuesday, April 2nd were paid a dividend of $0.663 per share. This represents a $2.65 annualized dividend and a dividend yield of 4.96%. The ex-dividend date was Monday, April 1st. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.65. Bank of Nova Scotia’s dividend payout ratio is 47.98%.
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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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