Merit Financial Group LLC acquired a new stake in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 5,377 shares of the bank’s stock, valued at approximately $347,000.
A number of other hedge funds also recently bought and sold shares of BNS. Ameriprise Financial Inc. increased its position in Bank of Nova Scotia by 87.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,604 shares of the bank’s stock valued at $397,000 after buying an additional 3,081 shares in the last quarter. Voya Investment Management LLC increased its position in Bank of Nova Scotia by 9.7% during the 2nd quarter. Voya Investment Management LLC now owns 7,640 shares of the bank’s stock valued at $459,000 after buying an additional 675 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Bank of Nova Scotia by 17.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 9,016 shares of the bank’s stock valued at $580,000 after buying an additional 1,309 shares in the last quarter. Stevens Capital Management LP bought a new position in Bank of Nova Scotia during the 3rd quarter valued at approximately $785,000. Finally, Lincluden Management Ltd. increased its position in Bank of Nova Scotia by 3.6% during the 3rd quarter. Lincluden Management Ltd. now owns 1,099,786 shares of the bank’s stock valued at $70,721,000 after buying an additional 38,530 shares in the last quarter. 49.07% of the stock is owned by institutional investors.
Bank of Nova Scotia (BNS) traded up $0.55 during trading on Wednesday, hitting $63.22. The company’s stock had a trading volume of 634,344 shares, compared to its average volume of 770,016. The company has a market cap of $75,220.00, a price-to-earnings ratio of 12.06, a price-to-earnings-growth ratio of 1.43 and a beta of 1.28. Bank of Nova Scotia has a twelve month low of $53.86 and a twelve month high of $66.78. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Tuesday, February 27th. The bank reported $1.37 EPS for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.07. The business had revenue of $7.09 billion during the quarter, compared to analyst estimates of $7.01 billion. Bank of Nova Scotia had a return on equity of 14.78% and a net margin of 22.69%. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.57 EPS. research analysts expect that Bank of Nova Scotia will post 5.49 earnings per share for the current fiscal year.
Bank of Nova Scotia announced that its Board of Directors has approved a stock buyback program on Monday, February 12th that permits the company to repurchase shares. This repurchase authorization permits the bank to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 26th. Shareholders of record on Tuesday, April 3rd will be issued a $0.6454 dividend. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Monday, April 2nd. This represents a $2.58 dividend on an annualized basis and a dividend yield of 4.08%. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 48.95%.
BNS has been the subject of a number of analyst reports. Zacks Investment Research raised Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research report on Wednesday, January 17th. Scotiabank reaffirmed a “buy” rating and set a $95.00 price objective on shares of Bank of Nova Scotia in a research report on Wednesday, November 22nd. Finally, Canaccord Genuity reissued a “buy” rating and issued a $93.00 target price on shares of Bank of Nova Scotia in a report on Tuesday, December 5th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $86.00.
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About Bank of Nova Scotia
The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
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