Pathway Financial Advisers LLC Sells 6,036 Shares of Bank of Nova Scotia (The) $BNS

Pathway Financial Advisers LLC lessened its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 9.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 58,566 shares of the bank’s stock after selling 6,036 shares during the period. Bank of Nova Scotia accounts for approximately 1.3% of Pathway Financial Advisers LLC’s investment portfolio, making the stock its 17th biggest position. Pathway Financial Advisers LLC’s holdings in Bank of Nova Scotia were worth $5,320,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BNS. Canada Pension Plan Investment Board purchased a new stake in Bank of Nova Scotia during the 2nd quarter valued at about $1,016,738,000. Legal & General Group Plc acquired a new stake in Bank of Nova Scotia in the 2nd quarter valued at about $709,837,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Bank of Nova Scotia in the 2nd quarter worth approximately $567,278,000. Dimensional Fund Advisors LP lifted its stake in Bank of Nova Scotia by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 6,008,689 shares of the bank’s stock worth $416,415,000 after purchasing an additional 154,541 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Bank of Nova Scotia by 8.7% in the 1st quarter. Bank of America Corp DE now owns 5,024,708 shares of the bank’s stock worth $348,263,000 after purchasing an additional 400,382 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on BNS shares. Weiss Ratings raised shares of Bank of Nova Scotia from a “buy (a-)” rating to a “buy (a)” rating in a report on Thursday, October 8th. TD Securities upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, August 25th. National Bank Financial raised shares of Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, August 26th. TD upgraded shares of Bank of Nova Scotia to a “buy” rating in a report on Wednesday, August 26th. Finally, Keefe, Bruyette & Woods began coverage on shares of Bank of Nova Scotia in a report on Friday, August 21st. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $105.50.

Bank of Nova Scotia Stock Up 2.9%

Shares of NYSE:BNS opened at $96.41 on Thursday. The firm’s 50-day moving average is $92.45 and its two-hundred day moving average is $82.65. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04 and a quick ratio of 1.04. Bank of Nova Scotia has a 1 year low of $65.24 and a 1 year high of $96.53. The firm has a market capitalization of $117.22 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 0.94 and a beta of 1.14.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, August 25th. The bank reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.53 by $0.11. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. The firm had revenue of $7.52 billion during the quarter, compared to analysts’ expectations of $7.11 billion. During the same quarter in the previous year, the business posted $1.84 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. Analysts predict that Bank of Nova Scotia will post 6.19 EPS for the current year.

Bank of Nova Scotia Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Stockholders of record on Tuesday, October 6th were given a dividend of C$1.14 per share. The ex-dividend date of this dividend was Tuesday, October 6th. This represents a $4.56 dividend on an annualized basis and a dividend yield of 4.7%. Bank of Nova Scotia’s dividend payout ratio is currently 57.87%.

Bank of Nova Scotia declared that its board has initiated a share buyback plan on Friday, October 2nd that authorizes the company to repurchase 40,000,000 shares. This repurchase authorization authorizes the bank to reacquire up to 3.3% of its shares through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Bank of Nova Scotia Profile

Bank of Nova Scotia, operating under the Scotiabank name, is a Canadian financial services company that provides banking and related services to individuals, businesses, institutions and governments. Its principal businesses include Canadian Banking, International Banking, Global Wealth Management and Global Banking and Markets.

The company offers personal and commercial deposit accounts, mortgages, consumer and business loans, credit cards, payments and other financial products. Through its wealth management operations, Scotiabank provides investment, advisory, brokerage and private banking services.