Mufg Securities Canada LTD. Cuts Position in Bank of Nova Scotia (The) $BNS

Mufg Securities Canada LTD. lessened its position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 4.9% during the second quarter, Holdings Channel reports. The fund owned 1,738,562 shares of the bank’s stock after selling 90,045 shares during the quarter. Bank of Nova Scotia comprises approximately 4.0% of Mufg Securities Canada LTD.’s investment portfolio, making the stock its 8th largest position. Mufg Securities Canada LTD.’s holdings in Bank of Nova Scotia were worth $150,869,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. TD Asset Management Inc increased its stake in shares of Bank of Nova Scotia by 1.7% in the fourth quarter. TD Asset Management Inc now owns 18,674,585 shares of the bank’s stock valued at $1,379,120,000 after purchasing an additional 310,564 shares during the period. Norges Bank acquired a new position in shares of Bank of Nova Scotia during the fourth quarter worth approximately $1,368,456,000. FIL Ltd grew its holdings in Bank of Nova Scotia by 49.5% in the 4th quarter. FIL Ltd now owns 16,489,540 shares of the bank’s stock worth $1,216,157,000 after buying an additional 5,461,052 shares in the last quarter. Geode Capital Management LLC increased its position in Bank of Nova Scotia by 7.0% in the 4th quarter. Geode Capital Management LLC now owns 12,259,989 shares of the bank’s stock valued at $923,232,000 after acquiring an additional 799,474 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in Bank of Nova Scotia in the 2nd quarter valued at approximately $1,016,738,000. 49.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on BNS. Weiss Ratings cut Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, August 18th. National Bank Financial raised shares of Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a report on Wednesday, August 26th. 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. Royal Bank Of Canada raised their target price on shares of 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. Finally, Keefe, Bruyette & Woods started coverage on shares of Bank of Nova Scotia in a research report on Friday, August 21st. They set an “outperform” rating on the stock. Five research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

Bank of Nova Scotia Trading Down 0.9%

Shares of Bank of Nova Scotia stock opened at $91.57 on Tuesday. The business has a fifty day simple moving average of $88.23 and a 200-day simple moving average of $80.26. Bank of Nova Scotia has a fifty-two week low of $61.69 and a fifty-two week high of $94.96. The firm has a market cap of $111.61 billion, a price-to-earnings ratio of 16.57, a price-to-earnings-growth ratio of 1.05 and a beta of 1.11. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.11. Bank of Nova Scotia had a return on equity of 16.12% and a net margin of 13.91%.The firm had revenue of $7.52 billion for the quarter, compared to analyst estimates of $7.11 billion. During the same period in the previous year, the company earned $1.84 earnings per share. Bank of Nova Scotia’s revenue was up 11.1% compared to the same quarter last year. On average, equities analysts forecast that Bank of Nova Scotia will post 6.14 EPS for the current fiscal year.

Bank of Nova Scotia Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Investors of record on Tuesday, October 6th will be issued a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date is Tuesday, October 6th. Bank of Nova Scotia’s payout ratio is presently 58.05%.

Bank of Nova Scotia Company 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.