Cornerstone Wealth Management LLC Increases Stake in Bank of Nova Scotia (The) (NYSE:BNS)

Cornerstone Wealth Management LLC grew its holdings in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 2.6% during the 1st quarter, Holdings Channel reports. The fund owned 20,535 shares of the bank’s stock after buying an additional 515 shares during the period. Cornerstone Wealth Management LLC’s holdings in Bank of Nova Scotia were worth $974,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of BNS. Cardinal Capital Management increased its stake in shares of Bank of Nova Scotia by 2.0% in the 1st quarter. Cardinal Capital Management now owns 57,409 shares of the bank’s stock worth $2,723,000 after purchasing an additional 1,127 shares in the last quarter. Lorne Steinberg Wealth Management Inc. increased its position in Bank of Nova Scotia by 1.0% in the first quarter. Lorne Steinberg Wealth Management Inc. now owns 158,946 shares of the bank’s stock worth $7,544,000 after buying an additional 1,518 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Bank of Nova Scotia by 4.3% in the first quarter. Janney Montgomery Scott LLC now owns 10,801 shares of the bank’s stock worth $512,000 after buying an additional 442 shares in the last quarter. Dynamic Advisor Solutions LLC raised its stake in shares of Bank of Nova Scotia by 14.8% in the first quarter. Dynamic Advisor Solutions LLC now owns 4,634 shares of the bank’s stock worth $220,000 after buying an additional 596 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Bank of Nova Scotia by 134.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 53,015 shares of the bank’s stock valued at $2,514,000 after buying an additional 30,386 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Analyst Ratings Changes

BNS has been the subject of several analyst reports. Wall Street Zen raised shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a report on Friday, May 30th. 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. Finally, Royal Bank Of Canada decreased their price objective on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Bank of Nova Scotia has a consensus rating of “Hold” and a consensus price target of $81.00.

Bank of Nova Scotia Stock Performance

NYSE:BNS opened at $54.30 on Thursday. The stock has a 50-day moving average price of $50.96 and a 200 day moving average price of $50.93. The stock has a market capitalization of $67.63 billion, a P/E ratio of 15.92, a P/E/G ratio of 1.37 and a beta of 1.13. Bank of Nova Scotia has a 12-month low of $43.68 and a 12-month high of $57.07. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.62.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, May 27th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.08). The company had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $8.98 billion. Bank of Nova Scotia had a net margin of 8.83% and a return on equity of 11.27%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period last year, the business earned $1.58 earnings per share. Equities research analysts forecast that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Bank of Nova Scotia Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 29th. Investors of record on Wednesday, July 2nd will be paid a dividend of $0.7996 per share. This represents a $3.20 annualized dividend and a yield of 5.89%. This is a boost 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 (DPR) is presently 86.51%.

Bank of Nova Scotia Company 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.