Bank of Nova Scotia (NYSE:BNS) Shares Purchased by Cardinal Capital Management

Cardinal Capital Management increased its position in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 1.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 49,183 shares of the bank’s stock after acquiring an additional 515 shares during the quarter. Cardinal Capital Management’s holdings in Bank of Nova Scotia were worth $2,796,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Doyle Wealth Management acquired a new position in shares of Bank of Nova Scotia during the 2nd quarter valued at about $31,000. Mcmillion Capital Management Inc. acquired a new position in shares of Bank of Nova Scotia during the 2nd quarter valued at about $46,000. HM Payson & Co. purchased a new stake in Bank of Nova Scotia in the 2nd quarter valued at about $51,000. LifePlan Financial Group Inc raised its holdings in Bank of Nova Scotia by 210.7% in the 2nd quarter. LifePlan Financial Group Inc now owns 1,165 shares of the bank’s stock valued at $63,000 after buying an additional 790 shares during the period. Finally, Advisory Services Network LLC raised its holdings in Bank of Nova Scotia by 1,556.2% in the 2nd quarter. Advisory Services Network LLC now owns 3,329 shares of the bank’s stock valued at $181,000 after buying an additional 3,128 shares during the period. 45.73% of the stock is currently owned by hedge funds and other institutional investors.

Shares of BNS opened at $57.59 on Friday. The firm has a market cap of $69.98 billion, a P/E ratio of 10.72, a price-to-earnings-growth ratio of 1.95 and a beta of 1.18. Bank of Nova Scotia has a 12-month low of $48.34 and a 12-month high of $57.72. The company’s 50-day moving average price is $55.87 and its 200 day moving average price is $53.83. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.31.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, August 27th. The bank reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.04. The firm had revenue of $7.66 billion for the quarter, compared to analyst estimates of $7.86 billion. Bank of Nova Scotia had a net margin of 18.32% and a return on equity of 13.53%. Bank of Nova Scotia’s revenue was up 6.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.76 EPS. Equities research analysts forecast that Bank of Nova Scotia will post 5.37 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 29th. Shareholders of record on Tuesday, October 1st will be paid a dividend of $0.682 per share. The ex-dividend date is Monday, September 30th. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.65. This represents a $2.73 dividend on an annualized basis and a yield of 4.74%. Bank of Nova Scotia’s dividend payout ratio is 50.00%.

Several analysts recently issued reports on the stock. Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $52.00 to $62.00 in a report on Tuesday, September 24th. ValuEngine upgraded shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Credit Suisse Group boosted their price objective on shares of Bank of Nova Scotia from $73.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Zacks Investment Research lowered shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a report on Thursday, August 29th. Finally, Canaccord Genuity restated a “hold” rating on shares of Bank of Nova Scotia in a report on Wednesday, August 28th. Eight equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Bank of Nova Scotia has an average rating of “Hold” and an average price target of $74.14.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.

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

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