PDT Partners LLC Buys New Position in Bank of Nova Scotia (The) $BNS

PDT Partners LLC bought a new stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 60,500 shares of the bank’s stock, valued at approximately $5,254,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Bank of Nova Scotia in the 4th quarter worth approximately $1,368,456,000. Canada Pension Plan Investment Board bought a new position in shares of Bank of Nova Scotia in the second quarter valued at approximately $1,016,738,000. Legal & General Group Plc acquired a new position in shares of Bank of Nova Scotia during the second quarter valued at approximately $709,837,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Bank of Nova Scotia during the second quarter valued at approximately $567,278,000. Finally, FIL Ltd raised its holdings in Bank of Nova Scotia by 49.5% during the fourth quarter. FIL Ltd now owns 16,489,540 shares of the bank’s stock worth $1,216,157,000 after purchasing an additional 5,461,052 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Stock Performance

Shares of BNS opened at $93.16 on Wednesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.04 and a quick ratio of 1.04. The firm’s 50 day moving average is $87.77 and its 200-day moving average is $79.82. Bank of Nova Scotia has a 12-month low of $58.77 and a 12-month high of $93.44. The stock has a market capitalization of $113.55 billion, a P/E ratio of 17.78, a P/E/G ratio of 1.07 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, beating the consensus estimate of $1.42 by $0.05. The business had revenue of $7.24 billion during the quarter, compared to analyst estimates of $7.13 billion. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The business’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.52 earnings per share. Equities research analysts anticipate that Bank of Nova Scotia will post 6.03 EPS for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Tuesday, October 6th will be issued a $1.14 dividend. The ex-dividend date of this dividend is Tuesday, October 6th. This represents a $4.56 annualized dividend and a dividend yield of 4.9%. Bank of Nova Scotia’s dividend payout ratio is currently 61.26%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BNS. Weiss Ratings downgraded Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, August 18th. Royal Bank Of Canada lifted their price target on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a research report on Thursday, May 28th. Keefe, Bruyette & Woods began coverage on Bank of Nova Scotia in a research note on Friday, August 21st. They issued an “outperform” rating on the stock. Finally, TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $117.00.

More Bank of Nova Scotia News

Here are the key news stories impacting Bank of Nova Scotia this week:

• Positive Sentiment: Quarterly earnings exceeded expectations. BNS reported quarterly EPS of $1.64, ahead of the $1.53 consensus estimate, while revenue increased 11.1% year over year. On an adjusted basis, EPS was reported at $2.28 versus expectations of approximately $2.10. BNS earnings report
• Positive Sentiment: Strength was broad-based across the business. Record results in global wealth management and global banking and markets, helped by elevated market volatility and stronger capital-markets activity, drove profit above analyst estimates. Reported quarterly profit rose to C$2.95 billion from C$2.53 billion a year earlier. Scotiabank earnings lifted by wealth management
• Positive Sentiment: Analyst sentiment improved. TD Securities upgraded Bank of Nova Scotia from “hold” to “buy,” adding support to the bullish reaction following the earnings release.
• Positive Sentiment: Trade-war concerns have not yet materially damaged results. Reports indicated that new U.S. tariffs affecting some bank customers have not significantly harmed BNS or other Canadian lenders. Management may also find opportunities as businesses adjust to changing trade conditions. Canadian banks beat earnings targets as trade war escalates
• Positive Sentiment: Dividend income remains attractive. BNS declared a quarterly dividend of $1.14 per share, representing an annualized yield of approximately 4.9% based on the reported share price. The dividend is payable October 28 to shareholders of record October 6.
• Neutral Sentiment: BNS also launched a no-fee Visa business credit card offering 1% cash back, a potentially useful customer-acquisition initiative but unlikely to be a major near-term stock catalyst. Scotiabank launches no-fee Visa card

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.