6,655 Shares in Bank of Nova Scotia (The) (BNS) Purchased by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. acquired a new position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,655 shares of the bank’s stock, valued at approximately $400,000.

Several other institutional investors have also recently modified their holdings of the company. Willingdon Wealth Management purchased a new position in shares of Bank of Nova Scotia (The) in the 2nd quarter worth approximately $2,117,000. Stanley Laman Group Ltd. grew its position in shares of Bank of Nova Scotia (The) by 0.4% in the 2nd quarter. Stanley Laman Group Ltd. now owns 9,206 shares of the bank’s stock worth $554,000 after buying an additional 39 shares during the last quarter. Aviva PLC grew its position in shares of Bank of Nova Scotia (The) by 1.4% in the 2nd quarter. Aviva PLC now owns 760,467 shares of the bank’s stock worth $45,686,000 after buying an additional 10,330 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Bank of Nova Scotia (The) by 2.2% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,574,743 shares of the bank’s stock worth $214,661,000 after buying an additional 76,866 shares during the last quarter. Finally, GAM Holding AG grew its position in shares of Bank of Nova Scotia (The) by 33.4% in the 2nd quarter. GAM Holding AG now owns 18,876 shares of the bank’s stock worth $1,135,000 after buying an additional 4,728 shares during the last quarter. 45.27% of the stock is currently owned by hedge funds and other institutional investors.

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A number of research analysts have recently issued reports on the stock. BidaskClub downgraded shares of Bank of Nova Scotia (The) from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Canaccord Genuity set a $87.00 price objective on shares of Bank of Nova Scotia (The) and gave the stock a “buy” rating in a research report on Tuesday, August 29th. Zacks Investment Research raised shares of Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a research report on Tuesday, July 18th. Scotiabank reaffirmed a “buy” rating and issued a $88.00 price objective on shares of Bank of Nova Scotia (The) in a research report on Wednesday, August 30th. Finally, Bank of America Corporation lifted their price objective on shares of Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, May 31st. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $83.20.

Shares of Bank of Nova Scotia (NYSE BNS) opened at 63.43 on Friday. Bank of Nova Scotia has a 52-week low of $51.21 and a 52-week high of $63.50. The firm’s 50-day moving average is $61.92 and its 200 day moving average is $59.24. The stock has a market cap of $76.01 billion, a P/E ratio of 12.37 and a beta of 1.27.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, August 29th. The bank reported $1.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by ($0.38). The company had revenue of $5.22 billion during the quarter, compared to analysts’ expectations of $5.28 billion. Bank of Nova Scotia (The) had a net margin of 22.26% and a return on equity of 14.54%. During the same quarter in the prior year, the company earned $1.54 earnings per share. Analysts forecast that Bank of Nova Scotia will post $5.39 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Tuesday, October 3rd will be paid a $0.6294 dividend. This is a positive change from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56. This represents a $2.52 annualized dividend and a yield of 3.97%. The ex-dividend date is Monday, October 2nd. Bank of Nova Scotia (The)’s dividend payout ratio is currently 46.30%.

Bank of Nova Scotia (The) declared that its Board of Directors has approved a stock buyback plan on Tuesday, May 30th that authorizes the company to repurchase 24,000,000 outstanding shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Bank of Nova Scotia (The) Profile

The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

Institutional Ownership by Quarter for Bank of Nova Scotia (The) (NYSE:BNS)

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