Caisse de depot et placement du Quebec Acquires New Position in Bank of Nova Scotia (The) $BNS

Caisse de depot et placement du Quebec bought a new position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 526,844 shares of the bank’s stock, valued at approximately $45,776,000.

Other large investors have also added to or reduced their stakes in the company. Prospera Financial Services Inc increased its stake in shares of Bank of Nova Scotia by 3.9% in the fourth quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank’s stock worth $341,000 after purchasing an additional 173 shares in the last quarter. Larson Financial Group LLC lifted its stake in shares of Bank of Nova Scotia by 22.3% during the 4th quarter. Larson Financial Group LLC now owns 1,280 shares of the bank’s stock valued at $94,000 after buying an additional 233 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Bank of Nova Scotia by 8.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,193 shares of the bank’s stock worth $235,000 after buying an additional 239 shares during the period. Parallel Advisors LLC boosted its holdings in Bank of Nova Scotia by 8.5% in the 3rd quarter. Parallel Advisors LLC now owns 3,326 shares of the bank’s stock worth $215,000 after buying an additional 261 shares during the period. Finally, Kathmere Capital Management LLC increased its stake in Bank of Nova Scotia by 8.5% in the 1st quarter. Kathmere Capital Management LLC now owns 3,579 shares of the bank’s stock worth $248,000 after buying an additional 281 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Analysts Set New Price Targets

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

Bank of Nova Scotia Stock Performance

Shares of NYSE BNS opened at $92.97 on Friday. The company has a market cap of $113.32 billion, a P/E ratio of 16.83, a P/E/G ratio of 1.15 and a beta of 1.11. Bank of Nova Scotia has a 52-week low of $61.69 and a 52-week high of $94.96. The company has a debt-to-equity ratio of 1.98, a quick ratio of 1.04 and a current ratio of 1.04. The firm’s fifty day moving average is $88.03 and its two-hundred day moving average is $80.06.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, beating the consensus estimate of $1.42 by $0.05. The business had revenue of $7.24 billion during the quarter, compared to the consensus estimate of $7.13 billion. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. The business’s revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.52 EPS. As a group, analysts anticipate that Bank of Nova Scotia will post 6.06 EPS for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Tuesday, October 6th will be given a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Tuesday, October 6th. Bank of Nova Scotia’s payout ratio is currently 58.05%.

Bank of Nova Scotia Profile

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.