Resources Management Corp CT ADV acquired a new stake in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 42,750 shares of the bank’s stock, valued at approximately $2,430,000.
A number of other hedge funds have also recently bought and sold shares of BNS. Millennium Management LLC grew its stake in Bank of Nova Scotia by 329.0% in the 3rd quarter. Millennium Management LLC now owns 128,195 shares of the bank’s stock worth $7,287,000 after acquiring an additional 98,313 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Bank of Nova Scotia in the third quarter valued at approximately $319,000. Voloridge Investment Management LLC grew its stake in Bank of Nova Scotia by 212.8% in the third quarter. Voloridge Investment Management LLC now owns 58,596 shares of the bank’s stock worth $3,331,000 after purchasing an additional 39,864 shares in the last quarter. National Pension Service grew its stake in Bank of Nova Scotia by 4.9% in the third quarter. National Pension Service now owns 1,390,603 shares of the bank’s stock worth $104,643,000 after purchasing an additional 64,944 shares in the last quarter. Finally, Banco de Sabadell S.A bought a new position in Bank of Nova Scotia in the third quarter worth approximately $2,010,000. Institutional investors and hedge funds own 47.28% of the company’s stock.
A number of equities research analysts have weighed in on BNS shares. Desjardins lifted their target price on Bank of Nova Scotia from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Canaccord Genuity reissued a “hold” rating and set a $77.00 price target on shares of Bank of Nova Scotia in a research report on Monday, November 25th. CIBC restated a “hold” rating and set a $81.00 price target on shares of Bank of Nova Scotia in a research note on Thursday, November 21st. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating and raised their price target for the company from $52.00 to $62.00 in a research note on Tuesday, September 24th. Finally, Credit Suisse Group lifted their price objective on Bank of Nova Scotia from $73.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, August 28th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $73.75.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, November 26th. The bank reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.44. The company had revenue of $7.98 billion during the quarter, compared to the consensus estimate of $7.98 billion. Bank of Nova Scotia had a net margin of 17.99% and a return on equity of 13.65%. Bank of Nova Scotia’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.77 earnings per share. Equities analysts predict that Bank of Nova Scotia will post 5.62 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th will be given a dividend of $0.684 per share. This represents a $2.74 annualized dividend and a yield of 4.87%. The ex-dividend date of this dividend is Monday, January 6th. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.68. Bank of Nova Scotia’s dividend payout ratio (DPR) is 50.65%.
About Bank of Nova Scotia
The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.
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