Louisbourg Investments Inc. Cuts Stock Holdings in Bank of Nova Scotia (The) $BNS

Louisbourg Investments Inc. reduced its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 12.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 103,164 shares of the bank’s stock after selling 14,128 shares during the quarter. Bank of Nova Scotia accounts for approximately 1.3% of Louisbourg Investments Inc.’s portfolio, making the stock its 25th largest holding. Louisbourg Investments Inc.’s holdings in Bank of Nova Scotia were worth $6,669,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Addenda Capital Inc. boosted its holdings in Bank of Nova Scotia by 13.1% during the 3rd quarter. Addenda Capital Inc. now owns 1,094,330 shares of the bank’s stock valued at $70,748,000 after acquiring an additional 126,409 shares during the period. Dynamic Advisor Solutions LLC lifted its position in Bank of Nova Scotia by 5.7% in the third quarter. Dynamic Advisor Solutions LLC now owns 21,542 shares of the bank’s stock valued at $1,393,000 after purchasing an additional 1,153 shares during the last quarter. Pacifica Partners Inc. boosted its stake in shares of Bank of Nova Scotia by 1.0% during the third quarter. Pacifica Partners Inc. now owns 18,998 shares of the bank’s stock valued at $1,227,000 after purchasing an additional 190 shares during the period. Ipswich Investment Management Co. Inc. grew its holdings in shares of Bank of Nova Scotia by 4.5% in the third quarter. Ipswich Investment Management Co. Inc. now owns 30,205 shares of the bank’s stock worth $1,953,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Bank of Nova Scotia by 1.4% in the third quarter. Assenagon Asset Management S.A. now owns 51,525 shares of the bank’s stock worth $3,332,000 after buying an additional 724 shares during the period. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Analyst Upgrades and Downgrades

BNS has been the subject of several analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Bank of Nova Scotia in a research report on Monday. Wall Street Zen upgraded shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a report on Saturday, August 30th. Raymond James Financial initiated coverage on Bank of Nova Scotia in a research note on Tuesday, November 25th. They issued an “outperform” rating on the stock. Finally, Royal Bank Of Canada boosted their target price on Bank of Nova Scotia from $86.00 to $97.00 and gave the company a “sector perform” rating in a research note on Wednesday, December 3rd. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $97.00.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock opened at $72.58 on Friday. Bank of Nova Scotia has a fifty-two week low of $44.09 and a fifty-two week high of $73.38. The stock’s 50 day simple moving average is $67.76 and its two-hundred day simple moving average is $61.65. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market cap of $89.70 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 0.94 and a beta of 1.13.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, December 2nd. The bank reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.06. The company had revenue of $6.99 billion during the quarter, compared to analysts’ expectations of $6.85 billion. Bank of Nova Scotia had a return on equity of 12.10% and a net margin of 10.60%.The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.57 EPS. As a group, analysts expect that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Bank of Nova Scotia Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 28th. Investors of record on Tuesday, January 6th will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date of this dividend is Tuesday, January 6th. Bank of Nova Scotia’s dividend payout ratio (DPR) is 78.61%.

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.