Nicola Wealth Management LTD. Has $108.98 Million Stake in The Bank of Nova Scotia (NYSE:BNS)

Nicola Wealth Management LTD. cut its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 13.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,000,000 shares of the bank’s stock after selling 300,000 shares during the quarter. Bank of Nova Scotia accounts for about 10.0% of Nicola Wealth Management LTD.’s portfolio, making the stock its largest position. Nicola Wealth Management LTD.’s holdings in Bank of Nova Scotia were worth $108,980,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Mather Group LLC. lifted its stake in shares of Bank of Nova Scotia by 1,388.9% in the second quarter. Mather Group LLC. now owns 536 shares of the bank’s stock worth $25,000 after acquiring an additional 500 shares during the period. Blue Trust Inc. lifted its position in shares of Bank of Nova Scotia by 3,127.8% in the 2nd quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock worth $27,000 after purchasing an additional 563 shares during the period. Headlands Technologies LLC bought a new stake in shares of Bank of Nova Scotia in the 1st quarter valued at $53,000. City State Bank bought a new position in Bank of Nova Scotia during the third quarter worth $57,000. Finally, EverSource Wealth Advisors LLC boosted its position in Bank of Nova Scotia by 102.1% during the first quarter. EverSource Wealth Advisors LLC now owns 1,605 shares of the bank’s stock valued at $83,000 after acquiring an additional 811 shares during the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Down 0.1 %

NYSE:BNS traded down $0.03 on Thursday, hitting $53.54. The stock had a trading volume of 117,959 shares, compared to its average volume of 1,788,646. The Bank of Nova Scotia has a 1 year low of $41.80 and a 1 year high of $55.12. The firm’s fifty day simple moving average is $52.84 and its two-hundred day simple moving average is $48.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market cap of $66.26 billion, a P/E ratio of 12.82, a price-to-earnings-growth ratio of 1.60 and a beta of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, August 27th. The bank reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.01. The business had revenue of $8.36 billion for the quarter, compared to analyst estimates of $8.53 billion. Bank of Nova Scotia had a return on equity of 11.14% and a net margin of 9.84%. Bank of Nova Scotia’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period last year, the company posted $1.30 earnings per share. Analysts predict that The Bank of Nova Scotia will post 4.79 earnings per share for the current year.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd were given a dividend of $0.768 per share. The ex-dividend date was Wednesday, October 2nd. This represents a $3.07 annualized dividend and a yield of 5.74%. Bank of Nova Scotia’s payout ratio is currently 74.88%.

Analyst Ratings Changes

BNS has been the subject of several recent analyst reports. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Bank of Nova Scotia currently has an average rating of “Hold” and an average target price of $69.00.

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.