Wetherby Asset Management Inc. boosted its position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 2.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,714 shares of the bank’s stock after buying an additional 285 shares during the period. Wetherby Asset Management Inc.’s holdings in Bank of Nova Scotia (The) were worth $885,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in BNS. Advisory Services Network LLC purchased a new position in shares of Bank of Nova Scotia (The) during the first quarter worth approximately $111,000. IFP Advisors Inc boosted its position 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 worth $125,000 after buying an additional 661 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Bank of Nova Scotia (The) during the first quarter worth approximately $203,000. Jones Financial Companies Lllp purchased a new position in shares of Bank of Nova Scotia (The) during the first quarter worth approximately $211,000. Finally, CAPROCK Group Inc. purchased a new position in shares of Bank of Nova Scotia (The) during the second quarter worth approximately $211,000. 49.93% of the stock is owned by institutional investors and hedge funds.

Shares of Bank of Nova Scotia (BNS) opened at 60.50 on Friday. The firm’s 50-day moving average price is $61.38 and its 200 day moving average price is $59.03. Bank of Nova Scotia has a 1-year low of $51.07 and a 1-year high of $63.07. The firm has a market cap of $72.71 billion, a PE ratio of 12.07 and a beta of 1.26.

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

Bank of Nova Scotia (The) announced that its board has initiated a share repurchase plan on Tuesday, May 30th that authorizes the company to repurchase 24,000,000 outstanding shares. This repurchase authorization authorizes the bank to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

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

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BNS has been the subject of a number of research analyst reports. Bank of America Corporation increased their target price on Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, May 31st. Zacks Investment Research raised Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a report on Tuesday, July 18th. Canaccord Genuity began coverage on Bank of Nova Scotia (The) in a report on Tuesday, July 18th. They issued a “buy” rating for the company. BidaskClub raised 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 increased their price target on 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 issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price 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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