Bank of Nova Scotia increased its stake in shares of Reynolds American Inc (NYSE:RAI) by 87.2% during the first quarter, Holdings Channel reports. The institutional investor owned 2,471,160 shares of the company’s stock after buying an additional 1,151,377 shares during the period. Reynolds American accounts for approximately 0.7% of Bank of Nova Scotia’s holdings, making the stock its 21st largest position. Bank of Nova Scotia’s holdings in Reynolds American were worth $155,732,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of RAI. Wealthfront Inc. increased its stake in shares of Reynolds American by 18.9% in the fourth quarter. Wealthfront Inc. now owns 25,644 shares of the company’s stock valued at $1,437,000 after buying an additional 4,070 shares in the last quarter. Jackson Grant Investment Advisers Inc. increased its stake in shares of Reynolds American by 0.7% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 4,231 shares of the company’s stock valued at $237,000 after buying an additional 28 shares in the last quarter. Hudson Bay Capital Management LP bought a new stake in shares of Reynolds American during the fourth quarter valued at about $16,807,000. Teachers Advisors LLC increased its stake in shares of Reynolds American by 0.9% in the fourth quarter. Teachers Advisors LLC now owns 1,363,454 shares of the company’s stock valued at $76,408,000 after buying an additional 11,894 shares in the last quarter. Finally, Kentucky Retirement Systems bought a new stake in shares of Reynolds American during the fourth quarter valued at about $3,363,000. Institutional investors and hedge funds own 46.26% of the company’s stock.

Reynolds American Inc (NYSE:RAI) opened at 65.56 on Monday. Reynolds American Inc has a 52-week low of $43.38 and a 52-week high of $67.81. The company’s 50-day moving average price is $66.20 and its 200 day moving average price is $62.00. The stock has a market capitalization of $93.54 billion, a P/E ratio of 28.44 and a beta of 0.41.

Reynolds American (NYSE:RAI) last issued its earnings results on Wednesday, May 3rd. The company reported $0.56 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.01. The business had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3.03 billion. Reynolds American had a return on equity of 15.64% and a net margin of 26.23%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same period last year, the business earned $0.50 EPS. On average, equities research analysts anticipate that Reynolds American Inc will post $2.54 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Monday, June 12th were given a $0.51 dividend. The ex-dividend date was Thursday, June 8th. This represents a $2.04 annualized dividend and a dividend yield of 3.11%. Reynolds American’s dividend payout ratio (DPR) is presently 88.31%.

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RAI has been the topic of several recent research reports. Vetr downgraded Reynolds American from a “hold” rating to a “sell” rating and set a $61.64 price objective on the stock. in a research report on Wednesday, April 5th. Jefferies Group LLC restated a “hold” rating and issued a $60.00 price objective on shares of Reynolds American in a research report on Wednesday, April 26th. Zacks Investment Research downgraded Reynolds American from a “hold” rating to a “sell” rating in a research report on Tuesday, May 2nd. Piper Jaffray Companies initiated coverage on Reynolds American in a research report on Thursday, May 25th. They issued a “neutral” rating and a $67.00 price objective on the stock. Finally, BidaskClub downgraded Reynolds American from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 10th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Reynolds American presently has an average rating of “Hold” and an average price target of $59.82.

About Reynolds American

Reynolds American Inc (RAI) is a holding company. The Company’s segments include RJR Tobacco, which consists of the primary operations of its subsidiary, R. J. Reynolds Tobacco Company; Santa Fe, which consists of the primary operations of its subsidiary, Santa Fe Natural Tobacco Company, Inc, and American Snuff, which consists of the primary operations of its subsidiary, American Snuff Company, LLC.

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Institutional Ownership by Quarter for Reynolds American (NYSE:RAI)

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