Corient Private Wealth LP Takes $16.44 Million Position in Bank of Nova Scotia (The) $BNS

Corient Private Wealth LP bought a new position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 189,359 shares of the bank’s stock, valued at approximately $16,444,000.

A number of other institutional investors have also recently added to or reduced their stakes in BNS. AQR Capital Management LLC raised its stake in shares of Bank of Nova Scotia by 111.2% during the first quarter. AQR Capital Management LLC now owns 19,096 shares of the bank’s stock valued at $911,000 after acquiring an additional 10,056 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Bank of Nova Scotia during the second quarter worth $330,000. EverSource Wealth Advisors LLC grew its stake in shares of Bank of Nova Scotia by 42.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,165 shares of the bank’s stock worth $120,000 after purchasing an additional 649 shares during the last quarter. Sei Investments Co. grew its stake in shares of Bank of Nova Scotia by 2.1% in the second quarter. Sei Investments Co. now owns 21,212 shares of the bank’s stock worth $1,172,000 after purchasing an additional 434 shares during the last quarter. Finally, Quantinno Capital Management LP increased its holdings in Bank of Nova Scotia by 61.1% in the second quarter. Quantinno Capital Management LP now owns 66,962 shares of the bank’s stock valued at $3,701,000 after purchasing an additional 25,400 shares during the period. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Trading Down 0.6%

BNS opened at $92.35 on Friday. Bank of Nova Scotia has a twelve month low of $61.69 and a twelve month high of $94.96. The company has a fifty day moving average of $88.14 and a 200-day moving average of $80.15. The stock has a market cap of $112.56 billion, a PE ratio of 16.71, a price-to-earnings-growth ratio of 1.06 and a beta of 1.11. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 1.98.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.05. The business had revenue of $7.24 billion for the quarter, compared to analyst estimates of $7.13 billion. Bank of Nova Scotia had a net margin of 13.91% and a return on equity of 16.12%. Bank of Nova Scotia’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.52 earnings per share. On average, sell-side analysts predict that Bank of Nova Scotia will post 6.08 EPS for the current year.

Bank of Nova Scotia Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 28th. Stockholders of record on Tuesday, October 6th will be given a $1.14 dividend. The ex-dividend date of this dividend is Tuesday, October 6th. This represents a $4.56 annualized dividend and a dividend yield of 4.9%. Bank of Nova Scotia’s dividend payout ratio (DPR) is 58.05%.

Analysts Set New Price Targets

Several research analysts recently issued reports on BNS shares. National Bank Financial raised Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a research report on Wednesday. Keefe, Bruyette & Woods initiated coverage on Bank of Nova Scotia in a research report on Friday, August 21st. They issued an “outperform” rating on the stock. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday. Weiss Ratings downgraded Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, August 18th. Finally, Royal Bank Of Canada lifted their price objective on Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 28th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $117.00.

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.