CIBC Asset Management Inc Boosts Stock Position in The Bank of Nova Scotia (NYSE:BNS)

CIBC Asset Management Inc boosted its holdings in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,074,518 shares of the bank’s stock after purchasing an additional 240,803 shares during the period. Bank of Nova Scotia comprises approximately 1.8% of CIBC Asset Management Inc’s holdings, making the stock its 13th largest holding. CIBC Asset Management Inc’s holdings in Bank of Nova Scotia were worth $550,729,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of BNS. Pathway Financial Advisers LLC increased its stake in shares of Bank of Nova Scotia by 5,380.9% during the third quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock valued at $216,447,000 after buying an additional 3,899,760 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Bank of Nova Scotia in the 2nd quarter worth $120,463,000. 1832 Asset Management L.P. boosted its stake in shares of Bank of Nova Scotia by 16.1% during the 1st quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock valued at $881,082,000 after purchasing an additional 2,361,136 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Bank of Nova Scotia by 17.6% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,563,337 shares of the bank’s stock valued at $753,658,000 after purchasing an additional 2,178,633 shares in the last quarter. Finally, Nicola Wealth Management LTD. bought a new position in Bank of Nova Scotia in the first quarter worth about $77,670,000. Institutional investors own 49.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on BNS. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $69.00.

Bank of Nova Scotia Stock Up 0.5 %

BNS stock opened at $53.84 on Friday. The Bank of Nova Scotia has a twelve month low of $41.80 and a twelve month high of $55.12. The firm has a market cap of $66.63 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05. The business has a 50 day moving average of $52.84 and a 200 day moving average of $48.99. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, August 27th. The bank reported $1.63 EPS for the quarter, beating the consensus estimate of $1.62 by $0.01. The company had revenue of $8.36 billion for the quarter, compared to the consensus estimate of $8.53 billion. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. Bank of Nova Scotia’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.30 EPS. On average, research analysts forecast that The Bank of Nova Scotia will post 4.79 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Wednesday, October 2nd were issued a dividend of $0.768 per share. This represents a $3.07 dividend on an annualized basis and a dividend yield of 5.71%. The ex-dividend date was Wednesday, October 2nd. Bank of Nova Scotia’s payout ratio is presently 74.88%.

Bank of Nova Scotia Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.