Manitou Investment Management Ltd. Increases Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Manitou Investment Management Ltd. raised its position in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 65,147 shares of the bank’s stock after buying an additional 2,039 shares during the quarter. The Bank of Nova Scotia comprises approximately 0.7% of Manitou Investment Management Ltd.’s portfolio, making the stock its 22nd biggest position. Manitou Investment Management Ltd.’s holdings in The Bank of Nova Scotia were worth $4,238,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. lifted its position in The Bank of Nova Scotia by 7.8% during the second quarter. BlackRock Inc. now owns 735,204 shares of the bank’s stock valued at $47,840,000 after buying an additional 53,332 shares during the period. Deutsche Bank AG boosted its stake in The Bank of Nova Scotia by 2.4% in the 2nd quarter. Deutsche Bank AG now owns 1,462,009 shares of the bank’s stock worth $95,132,000 after purchasing an additional 33,671 shares in the last quarter. AMF Pensionsforsakring AB boosted its stake in The Bank of Nova Scotia by 112.8% in the 2nd quarter. AMF Pensionsforsakring AB now owns 1,387,369 shares of the bank’s stock worth $90,360,000 after purchasing an additional 735,378 shares in the last quarter. Westpac Banking Corp boosted its stake in The Bank of Nova Scotia by 34.1% in the 2nd quarter. Westpac Banking Corp now owns 180,075 shares of the bank’s stock worth $11,724,000 after purchasing an additional 45,800 shares in the last quarter. Finally, Fiera Capital Corp boosted its stake in The Bank of Nova Scotia by 8.2% in the 2nd quarter. Fiera Capital Corp now owns 96,474 shares of the bank’s stock worth $3,981,000 after purchasing an additional 7,332 shares in the last quarter. 45.47% of the stock is owned by institutional investors and hedge funds.

NYSE:BNS traded up $0.26 during midday trading on Tuesday, hitting $60.24. 25,968 shares of the company traded hands, compared to its average volume of 1,313,187. The firm’s fifty day moving average is $62.54 and its 200-day moving average is $63.63. The Bank of Nova Scotia has a 12-month low of $40.15 and a 12-month high of $68.02. The firm has a market capitalization of $73.19 billion, a P/E ratio of 10.67, a P/E/G ratio of 0.73 and a beta of 0.94. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.42.

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Monday, August 23rd. The bank reported $2.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.51. The company had revenue of $7.76 billion for the quarter, compared to analyst estimates of $7.77 billion. The Bank of Nova Scotia had a return on equity of 13.87% and a net margin of 22.86%. The Bank of Nova Scotia’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.04 EPS. On average, research analysts expect that The Bank of Nova Scotia will post 6.02 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 27th. Stockholders of record on Tuesday, October 5th will be paid a $0.7095 dividend. This represents a $2.84 annualized dividend and a dividend yield of 4.71%. The ex-dividend date is Monday, October 4th. The Bank of Nova Scotia’s payout ratio is 72.68%.

BNS has been the topic of a number of analyst reports. Barclays upgraded shares of The Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $82.00 to $87.00 in a research note on Tuesday, June 8th. Fundamental Research boosted their target price on The Bank of Nova Scotia from $85.00 to $87.68 and gave the stock a “buy” rating in a research report on Wednesday, September 1st. BMO Capital Markets boosted their target price on The Bank of Nova Scotia from C$88.00 to C$93.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 2nd. Royal Bank of Canada boosted their target price on The Bank of Nova Scotia from C$86.00 to C$89.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 25th. Finally, TD Securities reduced their price target on shares of The Bank of Nova Scotia from C$90.00 to C$87.00 and set a “buy” rating for the company in a research report on Wednesday, August 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $85.06.

The Bank of Nova Scotia Company Profile

The Bank of Nova Scotia engages in the provision of financial products and services, including personal, commercial, corporate, and investment banking. It operates through the following segments: Canadian Banking, International Banking, Global Banking and Markets, and Other. The Other segment includes group treasury, smaller operating segments and business line elimination items.

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

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