Granite Investment Advisors LLC Lowers Holdings in Bank of Nova Scotia (The) (BNS)

Granite Investment Advisors LLC lessened its stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 3.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,099 shares of the bank’s stock after selling 3,895 shares during the quarter. Granite Investment Advisors LLC’s holdings in Bank of Nova Scotia (The) were worth $6,431,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Stanley Laman Group Ltd. increased its position in Bank of Nova Scotia (The) by 0.4% in the 2nd quarter. Stanley Laman Group Ltd. now owns 9,206 shares of the bank’s stock valued at $554,000 after acquiring an additional 39 shares in the last quarter. New England Research & Management Inc. increased its position in Bank of Nova Scotia (The) by 1.3% in the 2nd quarter. New England Research & Management Inc. now owns 5,700 shares of the bank’s stock valued at $343,000 after acquiring an additional 75 shares in the last quarter. MML Investors Services LLC increased its position in Bank of Nova Scotia (The) by 2.2% in the 2nd quarter. MML Investors Services LLC now owns 4,935 shares of the bank’s stock valued at $297,000 after acquiring an additional 107 shares in the last quarter. Shoker Investment Counsel Inc. increased its position in Bank of Nova Scotia (The) by 1.4% in the 2nd quarter. Shoker Investment Counsel Inc. now owns 9,325 shares of the bank’s stock valued at $560,000 after acquiring an additional 133 shares in the last quarter. Finally, Bahl & Gaynor Inc. increased its position in Bank of Nova Scotia (The) by 1.8% in the 2nd quarter. Bahl & Gaynor Inc. now owns 8,855 shares of the bank’s stock valued at $493,000 after acquiring an additional 155 shares in the last quarter. Hedge funds and other institutional investors own 46.48% of the company’s stock.

Shares of Bank of Nova Scotia (NYSE BNS) traded down 0.05% during midday trading on Monday, hitting $64.56. 135,566 shares of the stock traded hands. The company has a market capitalization of $77.36 billion, a price-to-earnings ratio of 12.23 and a beta of 1.26. The firm’s 50-day moving average is $64.08 and its 200 day moving average is $60.46. Bank of Nova Scotia has a 52 week low of $51.21 and a 52 week high of $65.07.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Tuesday, August 29th. The bank reported $1.27 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by ($0.38). Bank of Nova Scotia (The) had a net margin of 22.26% and a return on equity of 14.54%. The firm had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same period in the prior year, the company earned $1.54 EPS. Equities analysts forecast that Bank of Nova Scotia will post $5.09 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 27th. Stockholders of record on Tuesday, October 3rd were paid a $0.6294 dividend. The ex-dividend date of this dividend was Monday, October 2nd. This represents a $2.52 annualized dividend and a dividend yield of 3.90%. This is an increase from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56. Bank of Nova Scotia (The)’s dividend payout ratio is currently 50.62%.

Several equities research analysts have weighed in on the stock. 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 for the company. Citigroup Inc. upgraded shares of Bank of Nova Scotia (The) from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 20th. BidaskClub cut shares of Bank of Nova Scotia (The) from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Scotiabank restated a “buy” rating and issued a $88.00 price objective on shares of Bank of Nova Scotia (The) in a research report on Wednesday, August 30th. Finally, Zacks Investment Research upgraded shares of Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research report on Tuesday, July 18th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Bank of Nova Scotia (The) currently has an average rating of “Buy” and a consensus price target of $83.20.

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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.

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

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