Value Partners Investments Inc. Buys 1,012,715 Shares of Bank of Nova Scotia (The) (NYSE:BNS)

Value Partners Investments Inc. lifted its stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 907.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,124,324 shares of the bank’s stock after acquiring an additional 1,012,715 shares during the quarter. Bank of Nova Scotia makes up approximately 4.6% of Value Partners Investments Inc.’s investment portfolio, making the stock its 8th largest position. Value Partners Investments Inc. owned approximately 0.09% of Bank of Nova Scotia worth $53,362,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new position in Bank of Nova Scotia during the fourth quarter worth approximately $690,746,000. Zurich Insurance Group Ltd FI acquired a new position in Bank of Nova Scotia during the fourth quarter worth approximately $96,529,000. Geode Capital Management LLC increased its position in Bank of Nova Scotia by 31.8% during the fourth quarter. Geode Capital Management LLC now owns 7,433,171 shares of the bank’s stock worth $406,103,000 after buying an additional 1,792,700 shares during the last quarter. Vanguard Group Inc. increased its position 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. Finally, FIL Ltd increased its position in Bank of Nova Scotia by 37.8% during the fourth quarter. FIL Ltd now owns 2,582,696 shares of the bank’s stock worth $138,689,000 after buying an additional 708,999 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Trading Down 0.2%

Shares of NYSE:BNS opened at $54.24 on Thursday. Bank of Nova Scotia has a 12-month low of $43.68 and a 12-month high of $57.07. The stock has a market cap of $67.56 billion, a PE ratio of 15.91, a P/E/G ratio of 1.37 and a beta of 1.13. The business has a 50 day moving average of $51.74 and a 200-day moving average of $50.88. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.62.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued 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). Bank of Nova Scotia had a return on equity of 11.27% and a net margin of 8.83%. The firm had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $8.98 billion. During the same quarter in the prior year, the firm earned $1.58 EPS. The company’s revenue was up 8.8% on a year-over-year basis. As a group, equities research analysts forecast that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Bank of Nova Scotia Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 29th. Stockholders of record on Wednesday, July 2nd will be issued a dividend of $0.7996 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 5.90%. The ex-dividend date is Wednesday, July 2nd. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.74. Bank of Nova Scotia’s payout ratio is currently 86.51%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wall Street Zen downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Saturday, June 21st. Royal Bank Of Canada lowered their price target on 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. Finally, Bank of America downgraded Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research report on Monday, March 31st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target 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.