Alliancebernstein L.P. increased its stake in Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 13.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 199,700 shares of the bank’s stock after purchasing an additional 23,027 shares during the quarter. Alliancebernstein L.P.’s holdings in Bank of Nova Scotia were worth $11,908,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Advisors Asset Management Inc. grew its position in shares of Bank of Nova Scotia by 1,995.0% in the second quarter. Advisors Asset Management Inc. now owns 19,002 shares of the bank’s stock valued at $152,000 after purchasing an additional 18,095 shares in the last quarter. Zions Bancorporation purchased a new position in shares of Bank of Nova Scotia in the third quarter valued at $160,000. BNP Paribas Arbitrage SA purchased a new position in shares of Bank of Nova Scotia in the second quarter valued at $200,000. CAPROCK Group Inc. purchased a new position in shares of Bank of Nova Scotia in the third quarter valued at $200,000. Finally, Capital Investment Advisors LLC purchased a new position in shares of Bank of Nova Scotia in the third quarter valued at $206,000. Institutional investors own 46.42% of the company’s stock.
Bank of Nova Scotia stock opened at $53.81 on Friday. Bank of Nova Scotia has a 52 week low of $52.09 and a 52 week high of $66.78. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market cap of $66.32 billion, a P/E ratio of 9.89, a price-to-earnings-growth ratio of 1.49 and a beta of 1.25.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, November 27th. The bank reported $1.35 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.35. Bank of Nova Scotia had a return on equity of 14.31% and a net margin of 21.04%. The business had revenue of $7.45 billion during the quarter, compared to analysts’ expectations of $7.64 billion. During the same period in the previous year, the business earned $1.64 earnings per share. The firm’s revenue was up 9.3% on a year-over-year basis. As a group, equities research analysts predict that Bank of Nova Scotia will post 5.68 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 29th. Investors of record on Wednesday, January 2nd will be given a dividend of $0.646 per share. This represents a $2.58 annualized dividend and a yield of 4.80%. The ex-dividend date is Monday, December 31st. Bank of Nova Scotia’s payout ratio is 48.35%.
BNS has been the subject of several recent analyst reports. Canaccord Genuity cut Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Wednesday, August 29th. Zacks Investment Research cut Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Thursday, August 16th. TD Securities restated a “buy” rating on shares of Bank of Nova Scotia in a research report on Monday, November 19th. Desjardins restated an “average” rating and set a $85.00 target price on shares of Bank of Nova Scotia in a research report on Thursday, November 8th. Finally, Barclays restated a “buy” rating on shares of Bank of Nova Scotia in a research report on Tuesday, November 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $79.75.
About Bank of Nova Scotia
The Bank of Nova Scotia provides various financial services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. It 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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