Corient Private Wealth LP Makes New Investment in Bank of Nova Scotia (The) $BNS

Corient Private Wealth LP acquired a new position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the 2nd quarter, HoldingsChannel reports. The fund acquired 189,359 shares of the bank’s stock, valued at approximately $16,444,000.

Several other hedge funds also recently modified their holdings of BNS. Maseco LLP bought a new position in Bank of Nova Scotia during the first quarter worth $30,000. Swiss RE Ltd. bought a new stake in Bank of Nova Scotia in the fourth quarter valued at $30,000. Brown Brothers Harriman & Co. acquired a new position in shares of Bank of Nova Scotia during the fourth quarter valued at about $34,000. Quarry LP acquired a new position in shares of Bank of Nova Scotia during the third quarter valued at about $35,000. Finally, CoreCap Advisors LLC boosted its position in shares of Bank of Nova Scotia by 1,366.7% during the 2nd quarter. CoreCap Advisors LLC now owns 440 shares of the bank’s stock worth $38,000 after purchasing an additional 410 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Down 0.6%

Bank of Nova Scotia stock opened at $92.35 on Friday. The firm has a market capitalization of $112.56 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 1.06 and a beta of 1.11. The firm’s fifty day moving average price is $88.14 and its two-hundred day moving average price is $80.15. Bank of Nova Scotia has a 1-year low of $61.69 and a 1-year high of $94.96. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, topping the consensus estimate of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. The company had revenue of $7.24 billion during the quarter, compared to the consensus estimate of $7.13 billion. During the same period in the previous year, the firm posted $1.52 earnings per share. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, equities research analysts predict that Bank of Nova Scotia will post 6.08 earnings per share 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 paid a dividend of $1.14 per share. The ex-dividend date is Tuesday, October 6th. This represents a $4.56 dividend on an annualized basis and a yield of 4.9%. Bank of Nova Scotia’s payout ratio is 58.05%.

Wall Street Analyst Weigh In

BNS has been the subject of several research reports. Keefe, Bruyette & Woods started coverage on Bank of Nova Scotia in a research note on Friday, August 21st. They issued an “outperform” rating for the company. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday. National Bank Financial upgraded Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a report on Wednesday. Weiss Ratings cut Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, August 18th. Finally, Royal Bank Of Canada boosted their price objective on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a report on Thursday, May 28th. Five equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

About Bank of Nova Scotia

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.