Cumberland Partners Ltd Has $18.88 Million Stock Position in Bank of Nova Scotia (The) $BNS

Cumberland Partners Ltd raised its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 560.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 292,060 shares of the bank’s stock after purchasing an additional 247,829 shares during the period. Bank of Nova Scotia accounts for approximately 1.2% of Cumberland Partners Ltd’s holdings, making the stock its 24th biggest holding. Cumberland Partners Ltd’s holdings in Bank of Nova Scotia were worth $18,881,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Syon Capital LLC lifted its holdings in Bank of Nova Scotia by 5.3% in the third quarter. Syon Capital LLC now owns 7,131 shares of the bank’s stock valued at $461,000 after buying an additional 361 shares during the period. Mondrian Investment Partners LTD bought a new stake in shares of Bank of Nova Scotia during the 3rd quarter valued at $30,000. Skandinaviska Enskilda Banken AB publ raised its position in shares of Bank of Nova Scotia by 10.1% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 191,717 shares of the bank’s stock valued at $12,395,000 after acquiring an additional 17,631 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Bank of Nova Scotia by 1.9% in the 3rd quarter. Vanguard Group Inc. now owns 56,068,464 shares of the bank’s stock valued at $3,625,499,000 after purchasing an additional 1,063,127 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Bank of Nova Scotia by 9.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 19,968 shares of the bank’s stock worth $1,291,000 after purchasing an additional 1,702 shares during the last quarter. Institutional investors own 49.13% of the company’s stock.

Wall Street Analyst Weigh In

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

Bank of Nova Scotia Stock Performance

Shares of BNS opened at $75.99 on Thursday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.70. The firm has a fifty day simple moving average of $74.24 and a 200 day simple moving average of $67.59. The stock has a market capitalization of $93.67 billion, a price-to-earnings ratio of 18.90, a PEG ratio of 0.98 and a beta of 1.11. Bank of Nova Scotia has a 12 month low of $44.09 and a 12 month high of $78.28.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, December 2nd. The bank reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.06. Bank of Nova Scotia had a net margin of 10.60% and a return on equity of 12.10%. The firm had revenue of $6.99 billion during the quarter, compared to analysts’ expectations of $6.85 billion. During the same quarter last year, the company posted $1.57 earnings per share. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. Research analysts forecast that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Bank of Nova Scotia Announces Dividend

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

Bank of Nova Scotia 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.