Bank of Nova Scotia (The) $BNS Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc increased its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 44.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,800,305 shares of the bank’s stock after purchasing an additional 3,007,407 shares during the period. Bank of Nova Scotia accounts for about 1.8% of CIBC Asset Management Inc’s holdings, making the stock its 13th biggest holding. CIBC Asset Management Inc owned approximately 0.79% of Bank of Nova Scotia worth $635,730,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Cypress Capital Management LLC WY purchased a new stake in shares of Bank of Nova Scotia in the second quarter worth about $33,000. VSM Wealth Advisory LLC purchased a new stake in shares of Bank of Nova Scotia during the 2nd quarter valued at about $55,000. Toth Financial Advisory Corp acquired a new position in Bank of Nova Scotia during the 3rd quarter worth approximately $67,000. MAI Capital Management boosted its holdings in Bank of Nova Scotia by 27.4% in the 2nd quarter. MAI Capital Management now owns 1,543 shares of the bank’s stock worth $85,000 after acquiring an additional 332 shares during the period. Finally, City State Bank boosted its holdings in Bank of Nova Scotia by 56.9% in 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 period. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Up 0.7%

BNS stock opened at $74.93 on Friday. 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 50 day simple moving average of $71.80 and a 200-day simple moving average of $65.03. The company has a market capitalization of $92.51 billion, a P/E ratio of 18.64, a PEG ratio of 0.98 and a beta of 1.11. Bank of Nova Scotia has a twelve month low of $44.09 and a twelve month high of $74.98.

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

Bank of Nova Scotia Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Tuesday, January 6th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date is Tuesday, January 6th. Bank of Nova Scotia’s dividend payout ratio (DPR) is 79.60%.

Analyst Upgrades and Downgrades

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

About Bank of Nova Scotia

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.