Westerkirk Capital Inc. Reduces Stock Position in Bank of Nova Scotia (The) $BNS

Westerkirk Capital Inc. decreased its position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 16.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 52,336 shares of the bank’s stock after selling 10,589 shares during the period. Westerkirk Capital Inc.’s holdings in Bank of Nova Scotia were worth $3,384,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Mondrian Investment Partners LTD purchased a new stake in shares of Bank of Nova Scotia during the third quarter worth about $30,000. Cypress Capital Management LLC WY purchased a new position in shares of Bank of Nova Scotia during the second quarter valued at approximately $33,000. Smartleaf Asset Management LLC boosted its position in Bank of Nova Scotia by 3,304.3% during the third quarter. Smartleaf Asset Management LLC now owns 783 shares of the bank’s stock worth $51,000 after acquiring an additional 760 shares during the last quarter. VSM Wealth Advisory LLC purchased a new stake in Bank of Nova Scotia in the 2nd quarter worth approximately $55,000. Finally, Toth Financial Advisory Corp purchased a new stake in Bank of Nova Scotia in the 3rd quarter worth approximately $67,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Stock Up 1.5%

Shares of BNS opened at $77.31 on Friday. Bank of Nova Scotia has a fifty-two week low of $44.09 and a fifty-two week high of $78.28. The company’s fifty day moving average is $74.39 and its two-hundred day moving average is $67.89. The firm has a market cap of $95.31 billion, a PE ratio of 19.23, a price-to-earnings-growth ratio of 1.05 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 0.70.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Tuesday, December 2nd. The bank reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.06. The business had revenue of $6.99 billion during the quarter, compared to the consensus estimate of $6.85 billion. Bank of Nova Scotia had a return on equity of 12.10% and a net margin of 10.60%.The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.57 EPS. Analysts forecast that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Bank of Nova Scotia Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 28th. Shareholders of record on Tuesday, January 6th were paid a dividend of $1.10 per share. The ex-dividend date was Tuesday, January 6th. This represents a $4.40 annualized dividend and a yield of 5.7%. Bank of Nova Scotia’s dividend payout ratio is currently 79.85%.

Wall Street Analysts Forecast Growth

BNS has been the topic of a number of recent analyst reports. Royal Bank Of Canada increased their price target on Bank of Nova Scotia from $86.00 to $97.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 3rd. Raymond James Financial started coverage on Bank of Nova Scotia in a research note on Tuesday, November 25th. They issued an “outperform” rating for the company. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Bank of Nova Scotia in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Bank of Nova Scotia presently has an average rating of “Hold” and an average target price of $97.00.

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.