Bank of Nova Scotia (The) (NYSE:BNS) Position Lowered by Paloma Partners Management Co

Paloma Partners Management Co lowered its stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 86.3% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 3,571 shares of the bank’s stock after selling 22,556 shares during the period. Paloma Partners Management Co’s holdings in Bank of Nova Scotia (The) were worth $209,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in BNS. Acadian Asset Management LLC raised its stake in Bank of Nova Scotia (The) by 415.1% in the first quarter. Acadian Asset Management LLC now owns 621,244 shares of the bank’s stock valued at $36,243,000 after buying an additional 500,630 shares during the period. Gulf International Bank UK Ltd raised its stake in Bank of Nova Scotia (The) by 2.1% in the first quarter. Gulf International Bank UK Ltd now owns 377,394 shares of the bank’s stock valued at $22,046,000 after buying an additional 7,900 shares during the period. Korea Investment CORP raised its stake in Bank of Nova Scotia (The) by 20.4% in the first quarter. Korea Investment CORP now owns 714,458 shares of the bank’s stock valued at $41,679,000 after buying an additional 121,150 shares during the period. Lincluden Management Ltd. raised its stake in Bank of Nova Scotia (The) by 44.4% in the fourth quarter. Lincluden Management Ltd. now owns 931,624 shares of the bank’s stock valued at $51,818,000 after buying an additional 286,295 shares during the period. Finally, Ferguson Wellman Capital Management Inc. raised its stake in Bank of Nova Scotia (The) by 10.1% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 237,970 shares of the bank’s stock valued at $13,938,000 after buying an additional 21,860 shares during the period. Institutional investors and hedge funds own 50.07% of the company’s stock.

Bank of Nova Scotia (NYSE BNS) traded up 0.31% during trading on Friday, reaching $61.23. 524,869 shares of the company were exchanged. The stock has a market capitalization of $73.59 billion, a price-to-earnings ratio of 12.36 and a beta of 1.26. Bank of Nova Scotia has a one year low of $51.07 and a one year high of $63.07. The firm’s 50 day moving average price is $61.51 and its 200-day moving average price is $59.09.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, May 30th. The bank reported $1.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.08. Bank of Nova Scotia (The) had a return on equity of 14.45% and a net margin of 22.17%. The firm had revenue of $6.58 billion for the quarter, compared to analysts’ expectations of $6.73 billion. During the same period in the prior year, the business posted $1.46 earnings per share. The company’s revenue was down .2% on a year-over-year basis. On average, equities research analysts predict that Bank of Nova Scotia will post $5.10 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 27th. Stockholders of record on Tuesday, July 4th were given a dividend of $0.5635 per share. This represents a $2.25 annualized dividend and a dividend yield of 3.68%. The ex-dividend date was Thursday, June 29th. Bank of Nova Scotia (The)’s dividend payout ratio is presently 46.97%.

Bank of Nova Scotia (The) declared that its board has authorized a stock buyback program on Tuesday, May 30th that authorizes the company to repurchase 24,000,000 outstanding shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

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Several analysts have issued reports on BNS shares. Zacks Investment Research lowered shares of Bank of Nova Scotia (The) from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. Royal Bank Of Canada upped their price target on shares of 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. BidaskClub raised shares of Bank of Nova Scotia (The) from a “sell” rating to a “hold” rating in a research report on Friday, June 23rd. Barclays PLC raised shares of Bank of Nova Scotia (The) from an “equal weight” rating to an “overweight” rating in a research report on Tuesday, May 23rd. Finally, Canaccord Genuity assumed coverage on shares of Bank of Nova Scotia (The) in a research report on Tuesday, July 18th. They issued a “buy” rating on the stock. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $74.67.

About Bank of Nova Scotia (The)

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.

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

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