Daiwa Securities Group Inc. decreased its stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 45.9% during the second quarter, Holdings Channel reports. The fund owned 19,200 shares of the bank’s stock after selling 16,300 shares during the period. Daiwa Securities Group Inc.’s holdings in Bank of Nova Scotia (The) were worth $1,154,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Acadian Asset Management LLC boosted its stake in shares of 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 last quarter. Korea Investment CORP boosted its stake in shares of 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 last quarter. Ferguson Wellman Capital Management Inc. boosted its stake in shares of 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 last quarter. Creative Planning boosted its stake in shares of Bank of Nova Scotia (The) by 7.8% in the second quarter. Creative Planning now owns 14,383 shares of the bank’s stock valued at $865,000 after buying an additional 1,044 shares during the last quarter. Finally, Aperio Group LLC boosted its stake in shares of Bank of Nova Scotia (The) by 4.5% in the second quarter. Aperio Group LLC now owns 761,623 shares of the bank’s stock valued at $45,796,000 after buying an additional 32,822 shares during the last quarter. Institutional investors own 49.93% of the company’s stock.

Bank of Nova Scotia (NYSE BNS) opened at 60.50 on Friday. The company has a market cap of $72.71 billion, a PE ratio of 12.07 and a beta of 1.26. Bank of Nova Scotia has a 12-month low of $51.07 and a 12-month high of $63.07. The company has a 50-day moving average price of $61.38 and a 200 day moving average price of $59.03.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, May 30th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $6.58 billion during the quarter, compared to analysts’ expectations of $6.73 billion. During the same quarter in the previous year, the firm earned $1.46 EPS. Bank of Nova Scotia (The)’s revenue was down .2% on a year-over-year basis. On average, analysts forecast that Bank of Nova Scotia will post $5.11 EPS for the current fiscal year.

Bank of Nova Scotia (The) declared that its Board of Directors has initiated a share repurchase program on Tuesday, May 30th that permits the company to repurchase 24,000,000 shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Thursday, July 27th. Shareholders of record on Tuesday, July 4th were issued a $0.5635 dividend. The ex-dividend date was Thursday, June 29th. This represents a $2.25 dividend on an annualized basis and a yield of 3.73%. Bank of Nova Scotia (The)’s payout ratio is presently 46.97%.

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BNS has been the topic of several research analyst reports. Zacks Investment Research cut Bank of Nova Scotia (The) from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. Royal Bank Of Canada increased their target price on Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, May 31st. BidaskClub upgraded Bank of Nova Scotia (The) from a “sell” rating to a “hold” rating in a report on Friday, June 23rd. Barclays PLC upgraded Bank of Nova Scotia (The) from an “equal weight” rating to an “overweight” rating in a report on Tuesday, May 23rd. Finally, Canaccord Genuity initiated coverage on Bank of Nova Scotia (The) in a report on Tuesday, July 18th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Bank of Nova Scotia (The) presently has an average rating of “Buy” and an average 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.

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

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