60,500 Shares in Bank of Nova Scotia (The) $BNS Bought by PDT Partners LLC

PDT Partners LLC acquired a new position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 60,500 shares of the bank’s stock, valued at approximately $5,254,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Bank of Nova Scotia in the fourth quarter valued at approximately $1,368,456,000. Canada Pension Plan Investment Board acquired a new stake in shares of Bank of Nova Scotia during the 2nd quarter worth approximately $1,016,738,000. Legal & General Group Plc acquired a new stake in shares of Bank of Nova Scotia during the 2nd quarter worth approximately $709,837,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Bank of Nova Scotia in the 2nd quarter worth approximately $567,278,000. Finally, FIL Ltd lifted its holdings in shares of Bank of Nova Scotia by 49.5% in the 4th quarter. FIL Ltd now owns 16,489,540 shares of the bank’s stock worth $1,216,157,000 after purchasing an additional 5,461,052 shares during the last quarter. Institutional investors own 49.13% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on BNS. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday. Weiss Ratings cut Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, August 18th. Royal Bank Of Canada boosted their price target on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a report on Thursday, May 28th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Bank of Nova Scotia in a research report on Friday, August 21st. They set an “outperform” rating for the company. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of Nova Scotia has an average rating of “Moderate Buy” and a consensus target price of $117.00.

Bank of Nova Scotia Stock Performance

BNS opened at $93.16 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69. The business’s 50 day moving average is $87.77 and its 200-day moving average is $79.82. The stock has a market cap of $113.55 billion, a PE ratio of 17.78, a price-to-earnings-growth ratio of 1.07 and a beta of 1.11. Bank of Nova Scotia has a twelve month low of $58.77 and a twelve month high of $93.44.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.05. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The business had revenue of $7.24 billion during the quarter, compared to analyst estimates of $7.13 billion. During the same period in the prior year, the company posted $1.52 EPS. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, analysts predict that Bank of Nova Scotia will post 6.03 earnings per share for the current year.

Bank of Nova Scotia Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Tuesday, October 6th will be paid a dividend of $1.14 per share. The ex-dividend date of this dividend is Tuesday, October 6th. This represents a $4.56 annualized dividend and a yield of 4.9%. Bank of Nova Scotia’s payout ratio is presently 61.26%.

Bank of Nova Scotia News Summary

Here are the key news stories impacting Bank of Nova Scotia this week:

• Positive Sentiment: Quarterly earnings exceeded expectations. BNS reported quarterly EPS of $1.64, ahead of the $1.53 consensus estimate, while revenue increased 11.1% year over year. On an adjusted basis, EPS was reported at $2.28 versus expectations of approximately $2.10. BNS earnings report
• Positive Sentiment: Strength was broad-based across the business. Record results in global wealth management and global banking and markets, helped by elevated market volatility and stronger capital-markets activity, drove profit above analyst estimates. Reported quarterly profit rose to C$2.95 billion from C$2.53 billion a year earlier. Scotiabank earnings lifted by wealth management
• Positive Sentiment: Analyst sentiment improved. TD Securities upgraded Bank of Nova Scotia from “hold” to “buy,” adding support to the bullish reaction following the earnings release.
• Positive Sentiment: Trade-war concerns have not yet materially damaged results. Reports indicated that new U.S. tariffs affecting some bank customers have not significantly harmed BNS or other Canadian lenders. Management may also find opportunities as businesses adjust to changing trade conditions. Canadian banks beat earnings targets as trade war escalates
• Positive Sentiment: Dividend income remains attractive. BNS declared a quarterly dividend of $1.14 per share, representing an annualized yield of approximately 4.9% based on the reported share price. The dividend is payable October 28 to shareholders of record October 6.
• Neutral Sentiment: BNS also launched a no-fee Visa business credit card offering 1% cash back, a potentially useful customer-acquisition initiative but unlikely to be a major near-term stock catalyst. Scotiabank launches no-fee Visa card

Bank of Nova Scotia 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.