Legal & General Group Plc cut its stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 3.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 5,426,936 shares of the bank’s stock after selling 172,981 shares during the period. Legal & General Group Plc’s holdings in Bank of Nova Scotia (The) were worth $312,023,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Jones Collombin Investment Counsel Inc raised its stake in Bank of Nova Scotia (The) by 101.9% in the first quarter. Jones Collombin Investment Counsel Inc now owns 14,465 shares of the bank’s stock worth $845,000 after buying an additional 7,300 shares in the last quarter. Callahan Advisors LLC bought a new stake in Bank of Nova Scotia (The) during the first quarter worth $669,000. Hennessy Advisors Inc. raised its stake in Bank of Nova Scotia (The) by 62.1% in the first quarter. Hennessy Advisors Inc. now owns 88,000 shares of the bank’s stock worth $5,154,000 after buying an additional 33,700 shares in the last quarter. AMF Pensionsforsakring AB raised its stake in Bank of Nova Scotia (The) by 19.4% in the first quarter. AMF Pensionsforsakring AB now owns 1,075,460 shares of the bank’s stock worth $62,738,000 after buying an additional 174,633 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. raised its stake in Bank of Nova Scotia (The) by 148.6% in the first quarter. Nikko Asset Management Americas Inc. now owns 34,800 shares of the bank’s stock worth $2,033,000 after buying an additional 20,800 shares in the last quarter. 50.07% of the stock is currently owned by institutional investors.

Shares of Bank of Nova Scotia (NYSE BNS) opened at 60.97 on Wednesday. Bank of Nova Scotia has a one year low of $51.07 and a one year high of $63.07. The stock has a market cap of $73.28 billion, a price-to-earnings ratio of 12.16 and a beta of 1.26. The stock’s 50 day moving average price is $61.45 and its 200 day moving average price is $59.05.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, May 30th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.08. The firm had revenue of $6.58 billion during the quarter, compared to the consensus estimate of $6.73 billion. Bank of Nova Scotia (The) had a net margin of 22.17% and a return on equity of 14.45%. The company’s revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 earnings per share. Analysts forecast that Bank of Nova Scotia will post $5.07 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, July 27th. Investors of record on Tuesday, July 4th were paid a dividend of $0.5635 per share. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $2.25 dividend on an annualized basis and a dividend yield of 3.70%. Bank of Nova Scotia (The)’s payout ratio is currently 46.97%.

Bank of Nova Scotia (The) declared that its Board of Directors has approved a share repurchase program on Tuesday, May 30th that permits the company to buyback 24,000,000 shares. This buyback authorization permits the bank to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

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A number of research firms have weighed in on BNS. BidaskClub lowered Bank of Nova Scotia (The) from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Zacks Investment Research upgraded Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a report on Tuesday, July 18th. Bank of America Corporation upped their target price on Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, May 31st. National Bank Financial restated an “outperform overweight” rating on shares of Bank of Nova Scotia (The) in a report on Thursday, May 18th. Finally, Canaccord Genuity began coverage on Bank of Nova Scotia (The) in a report on Tuesday, July 18th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the company. Bank of Nova Scotia (The) presently has a consensus rating of “Buy” and a consensus target price of $74.67.

Bank of Nova Scotia (The) Company Profile

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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Institutional Ownership by Quarter for Bank of Nova Scotia (The) (NYSE:BNS)

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