FIL Ltd lowered its stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 9.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 328,429 shares of the bank’s stock after selling 33,861 shares during the period. FIL Ltd’s holdings in Bank of Nova Scotia (The) were worth $19,757,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in BNS. Fiduciary Trust Co. bought a new stake in Bank of Nova Scotia (The) in the second quarter valued at $102,000. IFP Advisors Inc boosted its holdings in 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 acquiring an additional 661 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in Bank of Nova Scotia (The) in the first quarter valued at $203,000. Quantum Capital Management bought a new stake in Bank of Nova Scotia (The) in the second quarter valued at $205,000. Finally, Jones Financial Companies Lllp bought a new stake in Bank of Nova Scotia (The) in the first quarter valued at $211,000. Institutional investors and hedge funds own 45.12% of the company’s stock.

Several analysts recently weighed in on BNS shares. Bank of America Corporation lifted their price target on shares of 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. Scotiabank reiterated a “buy” rating and issued a $88.00 price target on shares of Bank of Nova Scotia (The) in a report on Wednesday, August 30th. Canaccord Genuity set a $87.00 price target on shares of Bank of Nova Scotia (The) and gave the company a “buy” rating in a report on Tuesday, August 29th. 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 target on the stock in a report on Tuesday, July 18th. Finally, BidaskClub upgraded shares of Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating in a report on Sunday, July 16th. Two analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $83.20.

Bank of Nova Scotia (NYSE:BNS) opened at 64.63 on Monday. Bank of Nova Scotia has a 12 month low of $51.21 and a 12 month high of $64.93. The stock has a market cap of $77.44 billion, a price-to-earnings ratio of 12.25 and a beta of 1.27. The firm’s 50-day moving average price is $61.99 and its 200 day moving average price is $59.32.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, August 29th. The bank reported $1.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.38). Bank of Nova Scotia (The) had a return on equity of 14.54% and a net margin of 22.26%. The firm had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.28 billion. During the same period in the previous year, the company posted $1.54 EPS. On average, analysts anticipate that Bank of Nova Scotia will post $5.30 earnings per share for the current year.

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

The company also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Tuesday, October 3rd will be given a dividend of $0.6294 per share. This is an increase from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend is Monday, October 2nd. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.90%. Bank of Nova Scotia (The)’s dividend payout ratio is presently 46.30%.

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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.

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

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