Intact Investment Management Inc. Grows Holdings in Bank of Nova Scotia (The) (BNS)

Intact Investment Management Inc. raised its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 241.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 549,925 shares of the bank’s stock after purchasing an additional 389,100 shares during the quarter. Bank of Nova Scotia (The) accounts for about 1.9% of Intact Investment Management Inc.’s portfolio, making the stock its 16th largest position. Intact Investment Management Inc.’s holdings in Bank of Nova Scotia (The) were worth $44,103,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Crossmark Global Holdings Inc. bought a new position in Bank of Nova Scotia (The) during the third quarter valued at $15,116,000. Baskin Financial Services Inc. lifted its position in Bank of Nova Scotia (The) by 1.9% during the third quarter. Baskin Financial Services Inc. now owns 258,980 shares of the bank’s stock valued at $16,602,000 after purchasing an additional 4,802 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Bank of Nova Scotia (The) by 17.0% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 9,016 shares of the bank’s stock valued at $580,000 after purchasing an additional 1,309 shares during the last quarter. Highstreet Asset Management Inc. lifted its position in Bank of Nova Scotia (The) by 2.4% during the third quarter. Highstreet Asset Management Inc. now owns 647,090 shares of the bank’s stock valued at $41,592,000 after purchasing an additional 14,999 shares during the last quarter. Finally, Cardinal Capital Management lifted its position in Bank of Nova Scotia (The) by 5.5% during the third quarter. Cardinal Capital Management now owns 47,011 shares of the bank’s stock valued at $3,020,000 after purchasing an additional 2,471 shares during the last quarter. Institutional investors and hedge funds own 46.48% of the company’s stock.

Bank of Nova Scotia (NYSE:BNS) traded up 0.45% during midday trading on Tuesday, hitting $64.90. 216,145 shares of the stock traded hands. The stock has a 50-day moving average of $64.13 and a 200 day moving average of $60.56. Bank of Nova Scotia has a 52-week low of $51.21 and a 52-week high of $65.07. The firm has a market cap of $77.77 billion, a PE ratio of 13.01 and a beta of 1.26.

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

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

Several research firms have commented on BNS. Macquarie began coverage on shares of Bank of Nova Scotia (The) in a research report on Tuesday, October 24th. They set an “outperform” 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 lowered shares of Bank of Nova Scotia (The) from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Canaccord Genuity set a $87.00 price objective on shares of Bank of Nova Scotia (The) and gave the company a “buy” rating in a research report on Tuesday, August 29th. 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 investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Bank of Nova Scotia (The) currently has an average rating of “Buy” and a consensus target price of $83.20.

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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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