Baltimore Capital Management Inc. bought a new position in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 27,425 shares of the bank’s stock, valued at approximately $1,461,000. Bank of Nova Scotia accounts for approximately 2.4% of Baltimore Capital Management Inc.’s holdings, making the stock its 14th biggest position.
Several other hedge funds have also made changes to their positions in the company. Merit Financial Group LLC raised its stake in shares of Bank of Nova Scotia by 4.1% during the 4th quarter. Merit Financial Group LLC now owns 5,838 shares of the bank’s stock worth $291,000 after buying an additional 228 shares during the period. Creative Planning raised its stake in shares of Bank of Nova Scotia by 2.3% during the 4th quarter. Creative Planning now owns 13,224 shares of the bank’s stock worth $659,000 after buying an additional 303 shares during the period. Cardinal Capital Management raised its stake in shares of Bank of Nova Scotia by 0.6% during the 1st quarter. Cardinal Capital Management now owns 48,722 shares of the bank’s stock worth $2,595,000 after buying an additional 312 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA raised its stake in shares of Bank of Nova Scotia by 2.8% during the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 12,100 shares of the bank’s stock worth $645,000 after buying an additional 325 shares during the period. Finally, Gulf International Bank UK Ltd raised its stake in shares of Bank of Nova Scotia by 1.5% during the 1st quarter. Gulf International Bank UK Ltd now owns 23,900 shares of the bank’s stock worth $1,255,000 after buying an additional 350 shares during the period. 45.25% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently weighed in on BNS shares. Desjardins reaffirmed an “average” rating and set a $81.00 target price on shares of Bank of Nova Scotia in a research note on Wednesday, February 27th. Barclays reissued an “average” rating and issued a $78.00 price objective on shares of Bank of Nova Scotia in a research note on Thursday, May 30th. Zacks Investment Research raised Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Tuesday, April 30th. TD Securities downgraded Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 26th. Finally, ValuEngine raised Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Friday, June 7th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company’s stock. Bank of Nova Scotia presently has an average rating of “Hold” and a consensus target price of $77.75.
NYSE BNS opened at $52.65 on Thursday. The firm has a market cap of $64.87 billion, a PE ratio of 9.68, a price-to-earnings-growth ratio of 2.00 and a beta of 1.15. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.05 and a quick ratio of 1.05. Bank of Nova Scotia has a twelve month low of $48.34 and a twelve month high of $60.60.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, May 28th. The bank reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.74 by ($0.04). The business had revenue of $7.80 billion for the quarter, compared to analysts’ expectations of $7.60 billion. Bank of Nova Scotia had a return on equity of 13.55% and a net margin of 19.20%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.70 earnings per share. As a group, equities analysts expect that Bank of Nova Scotia will post 5.26 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Tuesday, July 2nd will be issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 4.94%. The ex-dividend date of this dividend is Friday, June 28th. Bank of Nova Scotia’s dividend payout ratio (DPR) 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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