Cornerstone Wealth Management LLC Grows Stock Holdings in The Bank of Nova Scotia (NYSE:BNS)

Cornerstone Wealth Management LLC grew its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 8.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,716 shares of the bank’s stock after acquiring an additional 1,402 shares during the period. Cornerstone Wealth Management LLC’s holdings in Bank of Nova Scotia were worth $969,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. US Bancorp DE boosted its holdings in shares of Bank of Nova Scotia by 2.5% in the 4th quarter. US Bancorp DE now owns 68,826 shares of the bank’s stock valued at $3,351,000 after acquiring an additional 1,660 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Bank of Nova Scotia by 1.5% in the 4th quarter. Wellington Management Group LLP now owns 2,280,248 shares of the bank’s stock valued at $111,232,000 after acquiring an additional 33,490 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Bank of Nova Scotia by 1.6% during the third quarter. Vanguard Group Inc. now owns 45,691,098 shares of the bank’s stock worth $2,083,057,000 after buying an additional 725,489 shares in the last quarter. Prudential PLC boosted its holdings in Bank of Nova Scotia by 141.7% during the fourth quarter. Prudential PLC now owns 38,482 shares of the bank’s stock worth $1,873,000 after buying an additional 22,561 shares in the last quarter. Finally, Foguth Wealth Management LLC. purchased a new stake in Bank of Nova Scotia during the first quarter worth $905,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on BNS. StockNews.com downgraded shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. Barclays began coverage on shares of Bank of Nova Scotia in a report on Wednesday, March 20th. They set an “underweight” rating and a $70.00 price target on the stock. Finally, UBS Group began coverage on shares of Bank of Nova Scotia in a report on Tuesday. They set a “neutral” rating on the stock. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. According to MarketBeat, Bank of Nova Scotia currently has a consensus rating of “Hold” and an average target price of $68.00.

Bank of Nova Scotia Price Performance

NYSE:BNS traded up $0.39 during trading hours on Thursday, reaching $45.42. 844,438 shares of the company were exchanged, compared to its average volume of 1,788,560. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.57. The stock’s 50-day moving average is $46.87 and its 200-day moving average is $47.64. The firm has a market cap of $55.85 billion, a PE ratio of 10.23, a price-to-earnings-growth ratio of 1.70 and a beta of 1.04. The Bank of Nova Scotia has a twelve month low of $39.79 and a twelve month high of $51.98.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Tuesday, May 28th. The bank reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. The company had revenue of $6.15 billion during the quarter, compared to analysts’ expectations of $6.10 billion. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. On average, sell-side analysts anticipate that The Bank of Nova Scotia will post 4.82 earnings per share for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Wednesday, July 3rd will be given a dividend of $0.769 per share. This represents a $3.08 dividend on an annualized basis and a yield of 6.77%. The ex-dividend date of this dividend is Wednesday, July 3rd. Bank of Nova Scotia’s dividend payout ratio is presently 70.72%.

Bank of Nova Scotia Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.