The Bank of Nova Scotia (NYSE:BNS) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc trimmed its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,998,583 shares of the bank’s stock after selling 214,853 shares during the period. Bank of Nova Scotia accounts for about 1.6% of CIBC Asset Management Inc’s holdings, making the stock its 14th biggest holding. CIBC Asset Management Inc owned 0.67% of Bank of Nova Scotia worth $402,467,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Coston McIsaac & Partners increased its position in Bank of Nova Scotia by 167.9% during the first quarter. Coston McIsaac & Partners now owns 501 shares of the bank’s stock worth $25,000 after purchasing an additional 314 shares during the last quarter. Endurance Wealth Management Inc. raised its position in shares of Bank of Nova Scotia by 1,190.5% during the 1st quarter. Endurance Wealth Management Inc. now owns 542 shares of the bank’s stock valued at $27,000 after buying an additional 500 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in Bank of Nova Scotia by 69.9% in the first quarter. Massmutual Trust Co. FSB ADV now owns 909 shares of the bank’s stock valued at $46,000 after acquiring an additional 374 shares during the last quarter. CWM LLC grew its position in Bank of Nova Scotia by 150.8% in the first quarter. CWM LLC now owns 1,377 shares of the bank’s stock worth $69,000 after acquiring an additional 828 shares during the period. Finally, Delta Asset Management LLC TN purchased a new position in Bank of Nova Scotia in the fourth quarter worth approximately $73,000. 43.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BNS has been the subject of a number of recent analyst reports. Barclays raised their price objective on Bank of Nova Scotia from $63.00 to $65.00 and gave the stock an “underweight” rating in a research report on Monday, August 21st. Scotiabank reduced their price objective on shares of Bank of Nova Scotia from $68.00 to $66.00 and set a “hold” rating on the stock in a report on Wednesday, August 30th. Finally, StockNews.com began coverage on shares of Bank of Nova Scotia in a report on Thursday, August 17th. They issued a “hold” rating on the stock. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat, Bank of Nova Scotia presently has a consensus rating of “Hold” and a consensus target price of $69.33.

Bank of Nova Scotia Trading Up 1.5 %

NYSE BNS traded up $0.70 during trading on Monday, hitting $48.14. The stock had a trading volume of 1,657,300 shares, compared to its average volume of 1,381,455. The company has a market capitalization of $58.02 billion, a PE ratio of 10.11, a PEG ratio of 2.29 and a beta of 1.02. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.55. The firm has a 50 day moving average price of $48.40 and a 200 day moving average price of $49.33. The Bank of Nova Scotia has a twelve month low of $45.25 and a twelve month high of $57.25.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, August 29th. The bank reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.45. The company had revenue of $8.09 billion during the quarter, compared to the consensus estimate of $8.16 billion. Bank of Nova Scotia had a return on equity of 13.31% and a net margin of 12.25%. Bank of Nova Scotia’s revenue was up 3.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.63 EPS. As a group, equities research analysts forecast that The Bank of Nova Scotia will post 5.17 earnings per share for the current year.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Tuesday, October 3rd will be given a $0.7801 dividend. This represents a $3.12 annualized dividend and a yield of 6.48%. The ex-dividend date of this dividend is Monday, October 2nd. Bank of Nova Scotia’s dividend payout ratio is currently 67.23%.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates in four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.