Baird Financial Group Inc. Makes New $556,000 Investment in The Bank of Nova Scotia (NYSE:BNS)

Baird Financial Group Inc. bought a new stake in The Bank of Nova Scotia (NYSE:BNSGet Rating) (TSE:BNS) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 9,389 shares of the bank’s stock, valued at approximately $556,000.

Other institutional investors have also modified their holdings of the company. JFS Wealth Advisors LLC increased its holdings in shares of Bank of Nova Scotia by 178.0% in the 1st quarter. JFS Wealth Advisors LLC now owns 353 shares of the bank’s stock valued at $25,000 after acquiring an additional 226 shares during the period. Charter Oak Capital Management LLC acquired a new position in shares of Bank of Nova Scotia in the 2nd quarter valued at $26,000. Hazlett Burt & Watson Inc. acquired a new position in shares of Bank of Nova Scotia in the 1st quarter valued at $28,000. Clear Street Markets LLC acquired a new position in shares of Bank of Nova Scotia in the 2nd quarter valued at $30,000. Finally, Hexagon Capital Partners LLC acquired a new position in shares of Bank of Nova Scotia in the 2nd quarter valued at $33,000. 45.43% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock opened at $51.55 on Monday. The Bank of Nova Scotia has a 52 week low of $45.26 and a 52 week high of $74.86. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.47. The firm’s 50-day simple moving average is $49.65 and its 200 day simple moving average is $56.87. The firm has a market capitalization of $61.42 billion, a PE ratio of 7.83, a P/E/G ratio of 1.58 and a beta of 0.97.

Bank of Nova Scotia (NYSE:BNSGet Rating) (TSE:BNS) last released its quarterly earnings data on Tuesday, August 23rd. The bank reported $1.63 EPS for the quarter, hitting the consensus estimate of $1.63. Bank of Nova Scotia had a net margin of 24.43% and a return on equity of 15.73%. The business had revenue of $6.06 billion for the quarter, compared to analyst estimates of $6.25 billion. On average, equities research analysts predict that The Bank of Nova Scotia will post 6.35 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 27th. Investors of record on Tuesday, October 4th were given a $0.7897 dividend. The ex-dividend date of this dividend was Monday, October 3rd. This represents a $3.16 annualized dividend and a dividend yield of 6.13%. Bank of Nova Scotia’s dividend payout ratio is presently 45.29%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. StockNews.com assumed coverage on shares of Bank of Nova Scotia in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. TD Securities lowered their price objective on shares of Bank of Nova Scotia from C$84.00 to C$83.00 in a research report on Wednesday, August 24th. National Bank Financial lowered their price objective on shares of Bank of Nova Scotia from C$91.00 to C$90.00 in a research report on Tuesday, August 16th. BMO Capital Markets lowered shares of Bank of Nova Scotia from an “outperform” rating to a “market perform” rating and set a $95.00 price objective on the stock. in a research report on Tuesday, August 23rd. Finally, Royal Bank of Canada lowered shares of Bank of Nova Scotia from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, August 24th. Eleven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $90.84.

About Bank of Nova Scotia

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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 in four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

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

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