Bank of Nova Scotia (The) $BNS Position Reduced by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. cut its holdings in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 17.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,776,249 shares of the bank’s stock after selling 604,125 shares during the period. Bank of Nova Scotia makes up 3.2% of Letko Brosseau & Associates Inc.’s portfolio, making the stock its 4th largest position. Letko Brosseau & Associates Inc. owned 0.23% of Bank of Nova Scotia worth $253,055,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its stake in shares of Bank of Nova Scotia by 0.8% during the third quarter. Russell Investments Group Ltd. now owns 1,359,916 shares of the bank’s stock valued at $125,041,000 after buying an additional 10,878 shares during the last quarter. Ritholtz Wealth Management boosted its holdings in Bank of Nova Scotia by 15.6% during the 3rd quarter. Ritholtz Wealth Management now owns 41,322 shares of the bank’s stock valued at $3,754,000 after acquiring an additional 5,591 shares during the period. Jacobi Capital Management LLC purchased a new stake in Bank of Nova Scotia during the 3rd quarter valued at about $49,000. Silver Grove Financial Group Inc. grew its position in Bank of Nova Scotia by 33.6% during the 3rd quarter. Silver Grove Financial Group Inc. now owns 747 shares of the bank’s stock worth $68,000 after acquiring an additional 188 shares during the last quarter. Finally, Keybank National Association OH grew its position in Bank of Nova Scotia by 1.5% during the 3rd quarter. Keybank National Association OH now owns 29,927 shares of the bank’s stock worth $2,719,000 after acquiring an additional 431 shares during the last quarter. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Bank of Nova Scotia Price Performance

BNS stock opened at $92.69 on Friday. The firm’s 50-day moving average price is $92.45 and its two-hundred day moving average price is $83.21. Bank of Nova Scotia has a 12-month low of $65.99 and a 12-month high of $96.85. The stock has a market capitalization of $112.69 billion, a price-to-earnings ratio of 15.60, a PEG ratio of 0.95 and a beta of 1.14. 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 (NYSE:BNS) (TSE:BNS) last posted 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 company had revenue of $7.52 billion during the quarter, compared to analyst estimates of $7.11 billion. During the same period in the prior year, the business posted $1.84 earnings per share. Bank of Nova Scotia’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Bank of Nova Scotia will post 6.12 earnings per share for the current year.

Bank of Nova Scotia declared that its Board of Directors has initiated a stock repurchase program on Friday, October 2nd that permits the company to repurchase 40,000,000 outstanding shares. This repurchase authorization permits the bank to repurchase up to 3.3% of its stock through open market purchases. Share repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Bank of Nova Scotia Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Shareholders of record on Tuesday, October 6th were given a dividend of C$1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Tuesday, October 6th. Bank of Nova Scotia’s payout ratio is presently 57.87%.

About Bank of Nova Scotia

The Bank of Nova Scotia, operating as Scotiabank, is a Canadian multinational financial institution founded in Halifax in 1832 and headquartered in Toronto. It serves individuals, businesses, and institutional clients through banking and financial services. Its main activities include Canadian and international personal and commercial banking, wealth management, and global banking and markets. Products and services include deposit accounts, mortgages, loans, credit cards, investment and financial advice, and corporate banking and capital-markets services.