Bank of Nova Scotia (The) $BNS Shares Purchased by Intact Investment Management Inc.

Intact Investment Management Inc. increased its holdings in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 50.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,645,842 shares of the bank’s stock after acquiring an additional 553,720 shares during the period. Bank of Nova Scotia comprises 3.2% of Intact Investment Management Inc.’s investment portfolio, making the stock its 4th biggest holding. Intact Investment Management Inc. owned 0.13% of Bank of Nova Scotia worth $106,435,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in BNS. Cypress Capital Management LLC WY purchased a new stake in shares of Bank of Nova Scotia in the second quarter worth approximately $33,000. VSM Wealth Advisory LLC bought a new stake in Bank of Nova Scotia during the second quarter worth $55,000. Toth Financial Advisory Corp purchased a new stake in Bank of Nova Scotia in the 3rd quarter valued at $67,000. MAI Capital Management lifted its stake in Bank of Nova Scotia by 27.4% during the 2nd quarter. MAI Capital Management now owns 1,543 shares of the bank’s stock valued at $85,000 after acquiring an additional 332 shares in the last quarter. Finally, City State Bank boosted its holdings in Bank of Nova Scotia by 56.9% during the 3rd quarter. City State Bank now owns 1,655 shares of the bank’s stock worth $107,000 after acquiring an additional 600 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on BNS. Royal Bank Of Canada increased their target price on shares of 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. Raymond James Financial started coverage on shares of Bank of Nova Scotia in a research note on Tuesday, November 25th. They issued an “outperform” rating for the company. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Bank of Nova Scotia in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $97.00.

Bank of Nova Scotia Stock Performance

Shares of BNS stock opened at $74.93 on Monday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market cap of $92.51 billion, a price-to-earnings ratio of 18.64, a P/E/G ratio of 0.98 and a beta of 1.11. Bank of Nova Scotia has a 52 week low of $44.09 and a 52 week high of $74.98. The firm’s 50-day simple moving average is $71.80 and its two-hundred day simple moving average is $65.10.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, December 2nd. The bank reported $1.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.06. The company 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 last year, the business posted $1.57 EPS. As a group, equities analysts forecast that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Bank of Nova Scotia Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Stockholders of record on Tuesday, January 6th will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend is Tuesday, January 6th. Bank of Nova Scotia’s dividend payout ratio is currently 79.85%.

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.