Parametric Portfolio Associates LLC Grows Stock Holdings in Bank of Nova Scotia (NYSE:BNS)
Parametric Portfolio Associates LLC increased its position in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 6.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 558,259 shares of the bank’s stock after purchasing an additional 34,638 shares during the period. Parametric Portfolio Associates LLC’s holdings in Bank of Nova Scotia were worth $31,737,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Doyle Wealth Management purchased a new position in shares of Bank of Nova Scotia in the 2nd quarter valued at $31,000. Mcmillion Capital Management Inc. acquired a new position in Bank of Nova Scotia in the 2nd quarter valued at about $46,000. HM Payson & Co. purchased a new position in Bank of Nova Scotia in the 2nd quarter valued at about $51,000. Lindbrook Capital LLC lifted its holdings in Bank of Nova Scotia by 91.8% in the 3rd quarter. Lindbrook Capital LLC now owns 1,258 shares of the bank’s stock valued at $72,000 after purchasing an additional 602 shares in the last quarter. Finally, Advisory Services Network LLC boosted its stake in shares of Bank of Nova Scotia by 1,556.2% during the 2nd quarter. Advisory Services Network LLC now owns 3,329 shares of the bank’s stock worth $181,000 after purchasing an additional 3,128 shares during the last quarter. 47.28% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on BNS shares. ValuEngine lowered shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Friday, November 1st. Desjardins raised their target price on shares of Bank of Nova Scotia from $80.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Credit Suisse Group lifted their target price on shares of Bank of Nova Scotia from $73.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 28th. Zacks Investment Research downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Wednesday, November 20th. Finally, BMO Capital Markets reduced their price target on Bank of Nova Scotia from $80.00 to $78.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 28th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Bank of Nova Scotia currently has an average rating of “Hold” and an average target price of $73.75.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, November 26th. The bank reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.44. Bank of Nova Scotia had a net margin of 17.99% and a return on equity of 13.65%. The firm had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $7.98 billion. During the same period in the previous year, the firm earned $1.77 earnings per share. Bank of Nova Scotia’s revenue was up 7.1% compared to the same quarter last year. Analysts expect that Bank of Nova Scotia will post 5.62 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th will be issued a $0.684 dividend. This represents a $2.74 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date is Monday, January 6th. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.68. Bank of Nova Scotia’s dividend payout ratio (DPR) is 50.65%.
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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