Davis Rea Ltd. decreased its position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 0.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 145,054 shares of the bank’s stock after selling 662 shares during the period. Bank of Nova Scotia (The) comprises approximately 5.6% of Davis Rea Ltd.’s holdings, making the stock its 4th largest position. Davis Rea Ltd.’s holdings in Bank of Nova Scotia (The) were worth $8,801,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. TD Asset Management Inc. increased its position in shares of Bank of Nova Scotia (The) by 1.4% in the second quarter. TD Asset Management Inc. now owns 38,272,386 shares of the bank’s stock worth $2,298,937,000 after buying an additional 522,845 shares during the period. Wellington Management Group LLP increased its position in shares of Bank of Nova Scotia (The) by 3.0% in the first quarter. Wellington Management Group LLP now owns 15,425,362 shares of the bank’s stock worth $902,369,000 after buying an additional 447,359 shares during the period. Great West Life Assurance Co. Can increased its position in shares of Bank of Nova Scotia (The) by 1.6% in the first quarter. Great West Life Assurance Co. Can now owns 12,763,028 shares of the bank’s stock worth $746,324,000 after buying an additional 199,450 shares during the period. CIBC Asset Management Inc increased its position in shares of Bank of Nova Scotia (The) by 7.2% in the second quarter. CIBC Asset Management Inc now owns 12,482,899 shares of the bank’s stock worth $750,050,000 after buying an additional 834,837 shares during the period. Finally, FMR LLC increased its position in shares of Bank of Nova Scotia (The) by 1.7% in the first quarter. FMR LLC now owns 10,707,643 shares of the bank’s stock worth $626,427,000 after buying an additional 179,523 shares during the period. Institutional investors and hedge funds own 49.93% of the company’s stock.

Bank of Nova Scotia (NYSE BNS) opened at 61.41 on Thursday. The company has a 50-day moving average price of $61.35 and a 200-day moving average price of $59.02. Bank of Nova Scotia has a 12-month low of $51.07 and a 12-month high of $63.07. The stock has a market capitalization of $73.81 billion, a PE ratio of 12.25 and a beta of 1.26.

Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, May 30th. The bank reported $1.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.08. Bank of Nova Scotia (The) had a return on equity of 14.45% and a net margin of 22.17%. The business had revenue of $6.58 billion during the quarter, compared to analysts’ expectations of $6.73 billion. During the same period in the previous year, the firm posted $1.46 earnings per share. The company’s revenue was down .2% on a year-over-year basis. Analysts expect that Bank of Nova Scotia will post $5.11 earnings per share for the current fiscal year.

Bank of Nova Scotia (The) declared that its board has approved a stock buyback program on Tuesday, May 30th that authorizes the company to buyback 24,000,000 shares. This buyback authorization authorizes the bank to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The business 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 was Thursday, June 29th. This represents a $2.25 annualized dividend and a yield of 3.67%. Bank of Nova Scotia (The)’s payout ratio is 46.97%.

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A number of research analysts recently issued reports on the company. BidaskClub downgraded Bank of Nova Scotia (The) from a “hold” rating to a “sell” rating in a research note on Wednesday. Bank of America Corporation boosted their price objective on Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, May 31st. Canaccord Genuity assumed coverage on Bank of Nova Scotia (The) in a research note on Tuesday, July 18th. They set a “buy” rating for the company. Zacks Investment Research upgraded Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research note on Tuesday, July 18th. Finally, Royal Bank Of Canada boosted their price objective on Bank of Nova Scotia (The) from $86.00 to $87.00 and gave the company an “outperform” rating in a research note on Wednesday, May 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $74.67.

About Bank of Nova Scotia (The)

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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