Commonwealth Bank of Australia Purchases 1,460 Shares of Bank of Nova Scotia (The) (BNS)

Commonwealth Bank of Australia grew its holdings in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 0.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 175,534 shares of the bank’s stock after buying an additional 1,460 shares during the period. Commonwealth Bank of Australia’s holdings in Bank of Nova Scotia (The) were worth $10,543,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of BNS. Credit Suisse AG increased its position in Bank of Nova Scotia (The) by 135.2% during the first quarter. Credit Suisse AG now owns 4,979,811 shares of the bank’s stock worth $291,668,000 after purchasing an additional 2,862,657 shares during the last quarter. Investec Asset Management LTD acquired a new stake in Bank of Nova Scotia (The) during the first quarter worth about $127,792,000. Canada Pension Plan Investment Board increased its position in Bank of Nova Scotia (The) by 787.4% during the second quarter. Canada Pension Plan Investment Board now owns 2,312,474 shares of the bank’s stock worth $138,905,000 after purchasing an additional 2,051,874 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in Bank of Nova Scotia (The) during the second quarter worth about $117,297,000. Finally, Bank of Nova Scotia acquired a new stake in Bank of Nova Scotia (The) during the first quarter worth about $57,437,000. Institutional investors and hedge funds own 45.12% of the company’s stock.

Bank of Nova Scotia (BNS) opened at 64.63 on Friday. The stock has a market cap of $77.44 billion, a P/E ratio of 12.61 and a beta of 1.27. The company has a 50-day moving average of $61.99 and a 200-day moving average of $59.32. Bank of Nova Scotia has a 52 week low of $51.21 and a 52 week high of $64.93.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, August 29th. The bank reported $1.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.65 by ($0.38). The business had revenue of $5.22 billion during the quarter, compared to the consensus estimate of $5.28 billion. Bank of Nova Scotia (The) had a return on equity of 14.54% and a net margin of 22.26%. During the same period in the prior year, the firm earned $1.54 earnings per share. On average, analysts predict that Bank of Nova Scotia will post $5.30 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Tuesday, October 3rd will be given a $0.6294 dividend. This is an increase from Bank of Nova Scotia (The)’s previous quarterly dividend of $0.56. This represents a $2.52 annualized dividend and a yield of 3.90%. The ex-dividend date of this dividend is Monday, October 2nd. Bank of Nova Scotia (The)’s payout ratio is currently 46.30%.

Bank of Nova Scotia (The) declared that its Board of Directors has approved a stock buyback program on Tuesday, May 30th that allows the company to repurchase 24,000,000 outstanding shares. This repurchase authorization allows the bank to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

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BNS has been the subject of a number of recent analyst reports. Scotiabank reiterated a “buy” rating and set a $88.00 price target on shares of Bank of Nova Scotia (The) in a research report on Wednesday, August 30th. Zacks Investment Research upgraded shares of Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 price target for the company in a research report on Tuesday, July 18th. Canaccord Genuity initiated coverage on shares of Bank of Nova Scotia (The) in a research report on Tuesday, July 18th. They set a “buy” rating for the company. Royal Bank Of Canada lifted their price target on shares of Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the company an “outperform” rating in a research report on Wednesday, May 31st. Finally, BidaskClub upgraded shares of Bank of Nova Scotia (The) from a “sell” rating to a “hold” rating in a research report on Friday, August 18th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $83.20.

Bank of Nova Scotia (The) Profile

The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

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

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