Intact Investment Management Inc. Has $106.44 Million Stock Position in Bank of Nova Scotia (The) $BNS

Intact Investment Management Inc. grew its holdings in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 50.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,645,842 shares of the bank’s stock after purchasing an additional 553,720 shares during the period. Bank of Nova Scotia makes up about 3.2% of Intact Investment Management Inc.’s holdings, making the stock its 4th biggest position. Intact Investment Management Inc.’s holdings in Bank of Nova Scotia were worth $106,435,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of BNS. Cypress Capital Management LLC WY purchased a new position in Bank of Nova Scotia in the 2nd quarter valued at approximately $33,000. VSM Wealth Advisory LLC bought a new position in shares of Bank of Nova Scotia in the second quarter worth $55,000. Toth Financial Advisory Corp purchased a new position in shares of Bank of Nova Scotia in the third quarter valued at $67,000. MAI Capital Management raised its stake in shares of Bank of Nova Scotia by 27.4% during the 2nd quarter. MAI Capital Management now owns 1,543 shares of the bank’s stock valued at $85,000 after purchasing an additional 332 shares during the period. Finally, City State Bank lifted its holdings in Bank of Nova Scotia by 56.9% during the 3rd quarter. City State Bank now owns 1,655 shares of the bank’s stock worth $107,000 after purchasing an additional 600 shares in the last quarter. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Performance

Shares of BNS opened at $74.93 on Monday. Bank of Nova Scotia has a 12-month low of $44.09 and a 12-month high of $74.98. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.70. The company has a market cap of $92.51 billion, a PE ratio of 18.64, a price-to-earnings-growth ratio of 0.98 and a beta of 1.11. The stock has a 50-day moving average price of $71.80 and a 200-day moving average price of $65.10.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its earnings results on Tuesday, December 2nd. The bank reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.06. Bank of Nova Scotia had a net margin of 10.60% and a return on equity of 12.10%. The business had revenue of $6.99 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period last year, the firm posted $1.57 earnings per share. Bank of Nova Scotia’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, equities analysts forecast that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Bank of Nova Scotia Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Tuesday, January 6th will be issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Tuesday, January 6th. Bank of Nova Scotia’s payout ratio is currently 79.85%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BNS shares. Raymond James Financial began coverage on Bank of Nova Scotia in a report on Tuesday, November 25th. They set an “outperform” rating for the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Bank of Nova Scotia in a research note on Monday, December 29th. Finally, Royal Bank Of Canada upped their target price on shares of Bank of Nova Scotia from $86.00 to $97.00 and gave the stock a “sector perform” rating in a report on Wednesday, December 3rd. One equities research analyst has rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of Nova Scotia has an average rating of “Hold” and an average price target of $97.00.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.