Nykredit A S Takes $24.18 Million Position in Bank of Nova Scotia (The) $BNS

Nykredit A S acquired a new position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 278,287 shares of the bank’s stock, valued at approximately $24,179,000.

Other hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in Bank of Nova Scotia in the 4th quarter valued at approximately $1,368,456,000. Canada Pension Plan Investment Board acquired a new position in Bank of Nova Scotia during the 2nd quarter worth approximately $1,016,738,000. Legal & General Group Plc acquired a new position in Bank of Nova Scotia during the 2nd quarter worth approximately $709,837,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Bank of Nova Scotia during the 2nd quarter worth approximately $567,278,000. Finally, FIL Ltd grew its stake in shares of Bank of Nova Scotia by 49.5% during the 4th quarter. FIL Ltd now owns 16,489,540 shares of the bank’s stock worth $1,216,157,000 after acquiring an additional 5,461,052 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Trading Up 1.7%

NYSE BNS opened at $94.86 on Friday. The company has a market cap of $115.62 billion, a PE ratio of 17.17, a PEG ratio of 1.05 and a beta of 1.12. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 1.98. Bank of Nova Scotia has a 12 month low of $62.79 and a 12 month high of $95.34. The stock has a 50 day moving average of $88.66 and a 200-day moving average of $80.62.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share for the quarter, topping 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 business had revenue of $7.52 billion for the quarter, compared to the consensus estimate of $7.11 billion. During the same period in the previous year, the company earned $1.84 earnings per share. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities research analysts anticipate that Bank of Nova Scotia will post 6.19 EPS for the current fiscal year.

Bank of Nova Scotia Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Tuesday, October 6th will be paid a dividend of $1.14 per share. The ex-dividend date is Tuesday, October 6th. This represents a $4.56 annualized dividend and a dividend yield of 4.8%. Bank of Nova Scotia’s payout ratio is currently 58.05%.

Analysts Set New Price Targets

BNS has been the topic of a number of research reports. Weiss Ratings raised shares of Bank of Nova Scotia from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday. National Bank Financial raised shares of Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, August 26th. Keefe, Bruyette & Woods initiated coverage on shares of Bank of Nova Scotia in a research note on Friday, August 21st. They issued an “outperform” rating on the stock. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, August 25th. Finally, Royal Bank Of Canada increased their price objective on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 28th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Bank of Nova Scotia has an average rating of “Moderate Buy” and an average target price of $117.00.

About Bank of Nova Scotia

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.