Cardinal Capital Management Increases Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Cardinal Capital Management grew its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 57,409 shares of the bank’s stock after purchasing an additional 1,127 shares during the period. Cardinal Capital Management’s holdings in Bank of Nova Scotia were worth $2,723,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Bank of Nova Scotia by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 51,363,146 shares of the bank’s stock worth $2,758,150,000 after buying an additional 969,488 shares during the last quarter. Toronto Dominion Bank grew its stake in Bank of Nova Scotia by 1.7% during the fourth quarter. Toronto Dominion Bank now owns 25,425,639 shares of the bank’s stock valued at $1,363,619,000 after acquiring an additional 434,771 shares in the last quarter. TD Asset Management Inc. grew its stake in Bank of Nova Scotia by 1.7% during the fourth quarter. TD Asset Management Inc. now owns 18,966,078 shares of the bank’s stock valued at $1,017,933,000 after acquiring an additional 308,837 shares in the last quarter. Norges Bank purchased a new position in Bank of Nova Scotia in the 4th quarter worth approximately $690,746,000. Finally, CIBC Asset Management Inc grew its stake in Bank of Nova Scotia by 1.8% in the 4th quarter. CIBC Asset Management Inc now owns 10,259,279 shares of the bank’s stock worth $551,766,000 after buying an additional 184,761 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Up 1.0%

NYSE:BNS opened at $54.83 on Tuesday. The firm’s 50-day moving average price is $50.65 and its 200-day moving average price is $50.89. The company has a market capitalization of $68.30 billion, a PE ratio of 12.69, a P/E/G ratio of 1.16 and a beta of 1.13. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The Bank of Nova Scotia has a 1-year low of $43.68 and a 1-year high of $57.07.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, May 27th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.08). Bank of Nova Scotia had a net margin of 10.20% and a return on equity of 11.56%. The firm had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $8.98 billion. During the same period last year, the company posted $1.58 earnings per share. The business’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, equities analysts predict that The Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Bank of Nova Scotia Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 29th. Investors of record on Wednesday, July 2nd will be given a dividend of $0.7996 per share. This represents a $3.20 annualized dividend and a yield of 5.83%. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Wednesday, July 2nd. Bank of Nova Scotia’s dividend payout ratio is 93.84%.

Wall Street Analyst Weigh In

A number of research firms have commented on BNS. Bank of America cut shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research note on Monday, March 31st. CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Royal Bank of Canada lowered their price target on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a report on Wednesday, February 26th. Cibc World Mkts lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. Finally, Wall Street Zen upgraded shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a report on Friday, May 30th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Bank of Nova Scotia has an average rating of “Hold” and a consensus target price of $81.00.

Bank of Nova Scotia Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.