Bank of Nova Scotia (The) $BNS Holdings Trimmed by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 49.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,595,613 shares of the bank’s stock after selling 6,552,642 shares during the quarter. JPMorgan Chase & Co.’s holdings in Bank of Nova Scotia were worth $426,406,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cypress Capital Management LLC WY purchased a new position in shares of Bank of Nova Scotia during the second quarter valued at $33,000. Smartleaf Asset Management LLC boosted its position in Bank of Nova Scotia by 3,304.3% during the 3rd quarter. Smartleaf Asset Management LLC now owns 783 shares of the bank’s stock worth $51,000 after acquiring an additional 760 shares during the period. VSM Wealth Advisory LLC purchased a new position in Bank of Nova Scotia during the 2nd quarter valued at about $55,000. Toth Financial Advisory Corp acquired a new position in shares of Bank of Nova Scotia in the 3rd quarter valued at about $67,000. Finally, MAI Capital Management lifted its position in shares of Bank of Nova Scotia by 27.4% in the second quarter. MAI Capital Management now owns 1,543 shares of the bank’s stock worth $85,000 after purchasing an additional 332 shares in the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

BNS stock opened at $75.99 on Thursday. The firm has a 50 day moving average of $74.24 and a two-hundred day moving average of $67.59. Bank of Nova Scotia has a 12 month low of $44.09 and a 12 month high of $78.28. The company has a market capitalization of $93.67 billion, a price-to-earnings ratio of 18.90, a P/E/G ratio of 0.98 and a beta of 1.11. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.70.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Tuesday, December 2nd. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.06. The business had revenue of $6.99 billion during the quarter, compared to analyst estimates of $6.85 billion. Bank of Nova Scotia had a net margin of 10.60% and a return on equity of 12.10%. Bank of Nova Scotia’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.57 EPS. As a group, equities analysts anticipate that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 28th. Stockholders of record on Tuesday, January 6th were paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 5.8%. The ex-dividend date was Tuesday, January 6th. Bank of Nova Scotia’s dividend payout ratio is 79.85%.

Analyst Ratings Changes

BNS has been the topic of a number of research analyst reports. Raymond James Financial initiated coverage on shares of Bank of Nova Scotia in a research report on Tuesday, November 25th. They set an “outperform” rating on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Bank of Nova Scotia in a report on Monday, December 29th. Finally, Royal Bank Of Canada increased their price objective on Bank of Nova Scotia from $86.00 to $97.00 and gave the stock a “sector perform” rating in a report on Wednesday, December 3rd. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $97.00.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.