Fmr LLC Sells 1,447,530 Shares of Bank of Nova Scotia (The) (BNS)
Fmr LLC lessened its stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 13.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,260,113 shares of the bank’s stock after selling 1,447,530 shares during the period. Fmr LLC owned 0.77% of Bank of Nova Scotia (The) worth $557,049,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Fiduciary Trust Co. acquired a new position in Bank of Nova Scotia (The) in the 2nd quarter valued at about $102,000. IFP Advisors Inc increased its position in Bank of Nova Scotia (The) by 46.7% in the 2nd quarter. IFP Advisors Inc now owns 2,077 shares of the bank’s stock valued at $125,000 after acquiring an additional 661 shares during the period. Janney Montgomery Scott LLC acquired a new position in Bank of Nova Scotia (The) in the 1st quarter valued at about $203,000. Quantum Capital Management acquired a new position in Bank of Nova Scotia (The) in the 2nd quarter valued at about $205,000. Finally, Jones Financial Companies Lllp acquired a new position in Bank of Nova Scotia (The) in the 1st quarter valued at about $211,000. Hedge funds and other institutional investors own 45.12% of the company’s stock.
Bank of Nova Scotia (NYSE:BNS) opened at 64.63 on Monday. The firm has a market cap of $77.44 billion, a PE ratio of 12.25 and a beta of 1.27. Bank of Nova Scotia has a 52-week low of $51.21 and a 52-week high of $64.93. 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 announced its quarterly earnings results on Tuesday, August 29th. The bank reported $1.27 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.38). Bank of Nova Scotia (The) had a net margin of 22.26% and a return on equity of 14.54%. The firm had revenue of $5.22 billion during the quarter, compared to analyst estimates of $5.28 billion. During the same quarter in the previous year, the business posted $1.54 EPS. On average, equities analysts anticipate that Bank of Nova Scotia will post $5.30 earnings per share for the current year.
Bank of Nova Scotia (The) announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 30th that permits the company to repurchase 24,000,000 outstanding shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically 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. Shareholders of record on Tuesday, October 3rd will be paid a $0.6294 dividend. The ex-dividend date is Monday, October 2nd. This represents a $2.52 annualized dividend and a dividend yield of 3.90%. This is a positive change from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56. Bank of Nova Scotia (The)’s dividend payout ratio (DPR) is presently 46.30%.
Several equities analysts recently issued reports on BNS shares. Scotiabank restated a “buy” rating and issued a $88.00 price target on shares of Bank of Nova Scotia (The) in a research report on Wednesday, August 30th. Zacks Investment Research upgraded 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 research report on Tuesday, July 18th. Canaccord Genuity started coverage on Bank of Nova Scotia (The) in a research report on Tuesday, July 18th. They issued a “buy” rating on the stock. Royal Bank Of Canada boosted their price target on Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 31st. Finally, BidaskClub upgraded Bank of Nova Scotia (The) from a “sell” rating to a “hold” rating in a research report on Friday, August 18th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Bank of Nova Scotia (The) presently has an average rating of “Buy” and a consensus price target of $83.20.
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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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