Bank of Nova Scotia (The) (BNS) is Addenda Capital Inc.’s 3rd Largest Position

Addenda Capital Inc. raised its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 5.0% during the second quarter, Holdings Channel reports. The firm owned 1,455,403 shares of the bank’s stock after buying an additional 69,888 shares during the period. Bank of Nova Scotia (The) comprises about 6.6% of Addenda Capital Inc.’s investment portfolio, making the stock its 3rd largest position. Addenda Capital Inc.’s holdings in Bank of Nova Scotia (The) were worth $88,251,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. TD Asset Management Inc. raised its position in shares of Bank of Nova Scotia (The) by 1.4% in the second quarter. TD Asset Management Inc. now owns 38,272,386 shares of the bank’s stock valued at $2,298,937,000 after buying an additional 522,845 shares during the period. Wellington Management Group LLP raised its position in shares of Bank of Nova Scotia (The) by 3.0% in the first quarter. Wellington Management Group LLP now owns 15,425,362 shares of the bank’s stock valued at $902,369,000 after buying an additional 447,359 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Bank of Nova Scotia (The) by 1.6% in the first quarter. Great West Life Assurance Co. Can now owns 12,763,028 shares of the bank’s stock valued at $746,324,000 after buying an additional 199,450 shares during the period. CIBC Asset Management Inc raised its position in shares of Bank of Nova Scotia (The) by 7.2% in the second quarter. CIBC Asset Management Inc now owns 12,482,899 shares of the bank’s stock valued at $750,050,000 after buying an additional 834,837 shares during the period. Finally, FMR LLC raised its position in shares of Bank of Nova Scotia (The) by 1.7% in the first quarter. FMR LLC now owns 10,707,643 shares of the bank’s stock worth $626,427,000 after buying an additional 179,523 shares during the last quarter. 50.07% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Bank of Nova Scotia (NYSE:BNS) opened at 61.04 on Friday. The company has a 50-day moving average price of $61.48 and a 200-day moving average price of $59.08. The stock has a market capitalization of $73.36 billion, a price-to-earnings ratio of 12.32 and a beta of 1.26. Bank of Nova Scotia has a 52-week low of $51.07 and a 52-week high of $63.07.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, May 30th. The bank reported $1.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.08. The business had revenue of $6.58 billion during the quarter, compared to analysts’ expectations of $6.73 billion. Bank of Nova Scotia (The) had a return on equity of 14.45% and a net margin of 22.17%. The firm’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.46 earnings per share. On average, equities analysts anticipate that Bank of Nova Scotia will post $5.07 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 27th. Shareholders of record on Tuesday, July 4th were paid a dividend of $0.5635 per share. This represents a $2.25 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date of this dividend was Thursday, June 29th. Bank of Nova Scotia (The)’s payout ratio is 46.97%.

Bank of Nova Scotia (The) declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 30th that authorizes the company to buyback 24,000,000 shares. This buyback authorization authorizes the bank to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

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A number of brokerages have recently weighed in on BNS. Royal Bank Of Canada upped their target price on Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 31st. Zacks Investment Research lowered Bank of Nova Scotia (The) from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. Canaccord Genuity began coverage on Bank of Nova Scotia (The) in a research report on Tuesday, July 18th. They set a “buy” rating on the stock. BidaskClub lowered Bank of Nova Scotia (The) from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Finally, National Bank Financial reaffirmed an “outperform overweight” rating on shares of Bank of Nova Scotia (The) in a research report on Thursday, May 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the stock. Bank of Nova Scotia (The) presently has a consensus rating of “Buy” and a consensus price target of $74.67.

Bank of Nova Scotia (The) Company Profile

The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

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Institutional Ownership by Quarter for Bank of Nova Scotia (The) (NYSE:BNS)

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