Bank of Nova Scotia (The) $BNS Stock: Pathway Financial Advisers LLC Decreases Position

Pathway Financial Advisers LLC reduced its position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 9.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 58,566 shares of the bank’s stock after selling 6,036 shares during the period. Bank of Nova Scotia comprises approximately 1.3% of Pathway Financial Advisers LLC’s portfolio, making the stock its 17th largest position. Pathway Financial Advisers LLC’s holdings in Bank of Nova Scotia were worth $5,320,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new position in shares of Bank of Nova Scotia in the 2nd quarter valued at $1,016,738,000. Legal & General Group Plc purchased a new stake in shares of Bank of Nova Scotia in the 2nd quarter valued at about $709,837,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Bank of Nova Scotia in the 2nd quarter valued at about $567,278,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Bank of Nova Scotia in the 2nd quarter valued at about $416,397,000. Finally, Wellington Management Group LLP acquired a new stake in shares of Bank of Nova Scotia in the 2nd quarter valued at about $354,379,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BNS has been the topic of a number of research reports. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, August 25th. Weiss Ratings upgraded Bank of Nova Scotia from a “buy (a-)” rating to a “buy (a)” rating in a research note on Thursday, October 8th. Keefe, Bruyette & Woods assumed coverage on Bank of Nova Scotia in a report on Friday, August 21st. They issued an “outperform” rating for the company. TD upgraded shares of Bank of Nova Scotia to a “buy” rating in a research report on Wednesday, August 26th. Finally, National Bank Financial raised shares of Bank of Nova Scotia from a “sector perform” rating to an “outperform” rating in a report on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $105.50.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock opened at $96.41 on Thursday. Bank of Nova Scotia has a 12 month low of $65.24 and a 12 month high of $96.53. The company has a debt-to-equity ratio of 1.98, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50 day simple moving average of $92.45 and a 200-day simple moving average of $82.65. The stock has a market capitalization of $117.22 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 0.94 and a beta of 1.14.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, August 25th. The bank reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.53 by $0.11. Bank of Nova Scotia had a return on equity of 16.12% and a net margin of 13.91%. The firm had revenue of $7.52 billion during the quarter, compared to the consensus estimate of $7.11 billion. During the same period last year, the company earned $1.84 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities analysts predict that Bank of Nova Scotia will post 6.19 earnings per share for the current year.

Bank of Nova Scotia Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 28th. Shareholders of record on Tuesday, October 6th were given a dividend of C$1.14 per share. The ex-dividend date was Tuesday, October 6th. This represents a $4.56 dividend on an annualized basis and a yield of 4.7%. Bank of Nova Scotia’s dividend payout ratio is presently 57.87%.

Bank of Nova Scotia announced that its board has approved a stock buyback program on Friday, October 2nd that permits the company to repurchase 40,000,000 outstanding shares. This repurchase authorization permits the bank to repurchase up to 3.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Bank of Nova Scotia Profile

Bank of Nova Scotia, operating under the Scotiabank name, is a Canadian financial services company that provides banking and related services to individuals, businesses, institutions and governments. Its principal businesses include Canadian Banking, International Banking, Global Wealth Management and Global Banking and Markets.

The company offers personal and commercial deposit accounts, mortgages, consumer and business loans, credit cards, payments and other financial products. Through its wealth management operations, Scotiabank provides investment, advisory, brokerage and private banking services.