The Bank of Nova Scotia (NYSE:BNS) Shares Bought by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC grew its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 4.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,517 shares of the bank’s stock after acquiring an additional 801 shares during the period. Cornerstone Wealth Management LLC’s holdings in Bank of Nova Scotia were worth $892,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Mather Group LLC. raised its holdings in Bank of Nova Scotia by 1,388.9% during the second quarter. Mather Group LLC. now owns 536 shares of the bank’s stock worth $25,000 after purchasing an additional 500 shares during the last quarter. Bruce G. Allen Investments LLC increased its position in shares of Bank of Nova Scotia by 70.6% in the first quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock valued at $30,000 after buying an additional 242 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of Bank of Nova Scotia by 144.6% in the first quarter. Global Retirement Partners LLC now owns 959 shares of the bank’s stock valued at $50,000 after buying an additional 567 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Bank of Nova Scotia during the 1st quarter worth $53,000. Finally, Galibier Capital Management Ltd. purchased a new stake in shares of Bank of Nova Scotia in the 1st quarter worth about $76,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock traded up $0.59 during midday trading on Thursday, reaching $46.56. 515,204 shares of the company were exchanged, compared to its average volume of 1,876,163. The firm’s 50-day simple moving average is $46.11 and its 200-day simple moving average is $47.44. The Bank of Nova Scotia has a 1 year low of $39.79 and a 1 year high of $51.98. The company has a market capitalization of $57.25 billion, a price-to-earnings ratio of 10.35, a P/E/G ratio of 1.70 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03.

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

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 29th. Investors of record on Wednesday, July 3rd were issued a $0.769 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 6.61%. The ex-dividend date of this dividend was Wednesday, July 3rd. Bank of Nova Scotia’s payout ratio is currently 69.59%.

Wall Street Analyst Weigh In

Several research firms have weighed in 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. UBS Group started coverage on shares of Bank of Nova Scotia in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $68.00.

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.