Dixon Mitchell Investment Counsel Inc. Increases Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Dixon Mitchell Investment Counsel Inc. grew its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 739,606 shares of the bank’s stock after buying an additional 18,002 shares during the period. Bank of Nova Scotia makes up about 1.9% of Dixon Mitchell Investment Counsel Inc.’s holdings, making the stock its 22nd biggest holding. Dixon Mitchell Investment Counsel Inc. owned 0.06% of Bank of Nova Scotia worth $38,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Bruce G. Allen Investments LLC raised its position in Bank of Nova Scotia by 70.6% during the first quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock valued at $30,000 after purchasing an additional 242 shares in the last quarter. Fifth Third Bancorp lifted its position in Bank of Nova Scotia by 71.6% in the 4th quarter. Fifth Third Bancorp now owns 858 shares of the bank’s stock worth $42,000 after buying an additional 358 shares during the last quarter. Galibier Capital Management Ltd. purchased a new stake in Bank of Nova Scotia in the first quarter worth approximately $76,000. Addison Advisors LLC grew its position in Bank of Nova Scotia by 88.6% during the fourth quarter. Addison Advisors LLC now owns 2,948 shares of the bank’s stock valued at $144,000 after acquiring an additional 1,385 shares during the last quarter. Finally, Hexagon Capital Partners LLC raised its stake in shares of Bank of Nova Scotia by 43.9% during the fourth quarter. Hexagon Capital Partners LLC now owns 3,986 shares of the bank’s stock worth $194,000 after acquiring an additional 1,216 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Trading Up 0.7 %

NYSE:BNS traded up $0.34 during mid-day trading on Tuesday, reaching $45.80. 6,451,146 shares of the company’s stock traded hands, compared to its average volume of 1,947,745. The company has a 50 day moving average price of $46.93 and a 200-day moving average price of $47.65. The firm has a market capitalization of $56.31 billion, a price-to-earnings ratio of 10.30, a PEG ratio of 1.69 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.03 and a quick ratio of 1.03. The Bank of Nova Scotia has a 12-month low of $39.79 and a 12-month high of $51.98.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, May 28th. The bank reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. The firm had revenue of $6.15 billion for the quarter, compared to analyst estimates of $6.10 billion. Bank of Nova Scotia had a return on equity of 11.40% and a net margin of 10.40%. On average, sell-side analysts predict that The Bank of Nova Scotia will post 4.82 earnings per share for the current year.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Wednesday, July 3rd will be issued a $0.769 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $3.08 annualized dividend and a yield of 6.72%. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 70.72%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BNS. UBS Group started coverage on shares of Bank of Nova Scotia in a research report on Tuesday. They issued a “neutral” rating on the stock. Barclays initiated coverage on Bank of Nova Scotia in a research note on Wednesday, March 20th. They issued an “underweight” rating and a $70.00 target price for the company. Finally, StockNews.com lowered Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Wednesday, May 29th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $68.00.

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 through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.