Canada Pension Plan Investment Board raised its stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 787.4% during the second quarter, Holdings Channel reports. The institutional investor owned 2,312,474 shares of the bank’s stock after buying an additional 2,051,874 shares during the period. Canada Pension Plan Investment Board’s holdings in Bank of Nova Scotia (The) were worth $138,905,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of BNS. Advisory Services Network LLC acquired a new stake in shares of Bank of Nova Scotia (The) during the first quarter valued at about $111,000. IFP Advisors Inc boosted its stake in shares of Bank of Nova Scotia (The) by 46.7% in the second quarter. IFP Advisors Inc now owns 2,077 shares of the bank’s stock valued at $125,000 after buying an additional 661 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Bank of Nova Scotia (The) during the first quarter valued at about $203,000. Jones Financial Companies Lllp acquired a new stake in shares of Bank of Nova Scotia (The) during the first quarter valued at about $211,000. Finally, CAPROCK Group Inc. acquired a new stake in shares of Bank of Nova Scotia (The) during the second quarter valued at about $211,000. 49.93% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia (BNS) opened at 61.41 on Thursday. The firm has a 50-day moving average of $61.35 and a 200 day moving average of $59.02. The stock has a market capitalization of $73.81 billion, a price-to-earnings ratio of 12.30 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 released its quarterly earnings results on Tuesday, May 30th. The bank reported $1.23 EPS for the quarter, topping the consensus estimate of $1.15 by $0.08. The firm had revenue of $6.58 billion for the quarter, compared to analyst estimates of $6.73 billion. Bank of Nova Scotia (The) had a return on equity of 14.45% and a net margin of 22.17%. Bank of Nova Scotia (The)’s revenue for the quarter was down .2% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 EPS. On average, analysts anticipate that Bank of Nova Scotia will post $5.11 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 27th. Investors of record on Tuesday, July 4th were given a dividend of $0.5635 per share. This represents a $2.25 annualized dividend and a yield of 3.67%. The ex-dividend date of this dividend was Thursday, June 29th. Bank of Nova Scotia (The)’s dividend payout ratio (DPR) is presently 46.97%.

Bank of Nova Scotia (The) declared that its board has approved a stock repurchase program on Tuesday, May 30th that authorizes the company to buyback 24,000,000 outstanding shares. This buyback authorization authorizes the bank to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

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BNS has been the topic of several research reports. Bank of America Corporation increased their price target on shares of Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, May 31st. Zacks Investment Research raised shares of Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a report on Tuesday, July 18th. Canaccord Genuity assumed coverage on shares of Bank of Nova Scotia (The) in a report on Tuesday, July 18th. They issued a “buy” rating on the stock. BidaskClub raised shares of Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Finally, Royal Bank Of Canada raised their target price on shares of Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, May 31st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price 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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