DORCHESTER WEALTH MANAGEMENT Co trimmed its stake in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 0.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 473,426 shares of the bank’s stock after selling 1,072 shares during the period. Bank of Nova Scotia comprises about 7.7% of DORCHESTER WEALTH MANAGEMENT Co’s holdings, making the stock its biggest position. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Bank of Nova Scotia were worth $25,204,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Comerica Bank increased its stake in shares of Bank of Nova Scotia by 1.3% during the 4th quarter. Comerica Bank now owns 71,893 shares of the bank’s stock worth $4,032,000 after purchasing an additional 913 shares in the last quarter. Natixis Advisors L.P. increased its stake in shares of Bank of Nova Scotia by 22.1% during the 4th quarter. Natixis Advisors L.P. now owns 22,931 shares of the bank’s stock worth $1,143,000 after purchasing an additional 4,155 shares in the last quarter. Blueshift Asset Management LLC purchased a new position in shares of Bank of Nova Scotia during the 4th quarter worth approximately $799,000. JPMorgan Chase & Co. increased its stake in shares of Bank of Nova Scotia by 138.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,992,717 shares of the bank’s stock worth $118,827,000 after purchasing an additional 1,156,775 shares in the last quarter. Finally, Commonwealth Bank of Australia increased its stake in shares of Bank of Nova Scotia by 11.4% during the 4th quarter. Commonwealth Bank of Australia now owns 199,150 shares of the bank’s stock worth $9,930,000 after purchasing an additional 20,412 shares in the last quarter. Institutional investors own 47.94% of the company’s stock.
BNS has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Tuesday, March 5th. Desjardins reissued an “average” rating and set a $81.00 price objective on shares of Bank of Nova Scotia in a research note on Wednesday, February 27th. TD Securities cut shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Tuesday, February 26th. Finally, CIBC cut shares of Bank of Nova Scotia from a “sector outperform” rating to a “neutral” rating in a research note on Wednesday, February 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the stock. Bank of Nova Scotia has a consensus rating of “Hold” and an average target price of $79.50.
BNS stock opened at $54.32 on Wednesday. The company has a market capitalization of $66.04 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 1.94 and a beta of 1.16. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.06 and a quick ratio of 1.06. Bank of Nova Scotia has a one year low of $48.34 and a one year high of $63.27.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, February 26th. The bank reported $1.32 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.42 by ($0.10). The firm had revenue of $7.60 billion during the quarter, compared to analysts’ expectations of $7.78 billion. Bank of Nova Scotia had a return on equity of 13.93% and a net margin of 19.86%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.74 earnings per share. As a group, sell-side analysts expect that Bank of Nova Scotia will post 5.52 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Tuesday, April 2nd will be paid a $0.663 dividend. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.65. This represents a $2.65 annualized dividend and a yield of 4.88%. The ex-dividend date of this dividend is Monday, April 1st. Bank of Nova Scotia’s payout ratio is presently 47.98%.
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Bank of Nova Scotia Profile
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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