Cardinal Capital Management Inc. Has $98.66 Million Position in The Bank of Nova Scotia (NYSE:BNS)

Cardinal Capital Management Inc. grew its position in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 1.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,970,561 shares of the bank’s stock after acquiring an additional 22,616 shares during the period. Bank of Nova Scotia comprises 4.9% of Cardinal Capital Management Inc.’s portfolio, making the stock its 6th largest position. Cardinal Capital Management Inc. owned 0.16% of Bank of Nova Scotia worth $98,662,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of BNS. Norges Bank bought a new position in Bank of Nova Scotia in the fourth quarter worth about $588,957,000. FIL Ltd raised its stake in Bank of Nova Scotia by 139.8% in the first quarter. FIL Ltd now owns 9,087,366 shares of the bank’s stock worth $457,697,000 after buying an additional 5,297,779 shares in the last quarter. Public Sector Pension Investment Board raised its stake in Bank of Nova Scotia by 559.7% in the first quarter. Public Sector Pension Investment Board now owns 2,021,575 shares of the bank’s stock worth $101,680,000 after buying an additional 1,715,157 shares in the last quarter. Vanguard Group Inc. raised its stake in Bank of Nova Scotia by 3.3% in the first quarter. Vanguard Group Inc. now owns 40,996,068 shares of the bank’s stock worth $2,940,238,000 after buying an additional 1,320,299 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Bank of Nova Scotia by 12.8% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,462,958 shares of the bank’s stock valued at $476,587,000 after purchasing an additional 1,072,203 shares in the last quarter. 43.18% of the stock is owned by institutional investors.

Bank of Nova Scotia Stock Up 0.4 %

Shares of NYSE:BNS traded up $0.21 during trading on Friday, reaching $48.44. 1,412,380 shares of the stock traded hands, compared to its average volume of 1,384,638. The stock has a 50-day moving average of $48.10 and a two-hundred day moving average of $49.00. The Bank of Nova Scotia has a 52-week low of $45.25 and a 52-week high of $55.91. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $58.39 billion, a P/E ratio of 10.18, a price-to-earnings-growth ratio of 2.28 and a beta of 1.02.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, August 29th. The bank reported $1.73 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.45. Bank of Nova Scotia had a net margin of 12.25% and a return on equity of 13.31%. The firm had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $8.16 billion. During the same quarter in the prior year, the company posted $1.63 earnings per share. The business’s revenue for the quarter was up 3.7% on a year-over-year basis. As a group, sell-side analysts expect that The Bank of Nova Scotia will post 5.17 earnings per share for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Stockholders of record on Tuesday, October 3rd will be issued a dividend of $0.7801 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.44%. The ex-dividend date is Friday, September 29th. Bank of Nova Scotia’s payout ratio is 67.23%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BNS shares. StockNews.com downgraded shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Monday, September 4th. Scotiabank decreased their target price on shares of Bank of Nova Scotia from $68.00 to $66.00 and set a “hold” rating for the company in a research note on Wednesday, August 30th. Finally, Barclays raised their target price on shares of Bank of Nova Scotia from $63.00 to $65.00 and gave the company an “underweight” rating in a research note on Monday, August 21st. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company. Based on data from MarketBeat, Bank of Nova Scotia presently has a consensus rating of “Hold” and an average target price of $69.33.

Bank of Nova Scotia 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.