Park Avenue Securities LLC Invests $671,000 in The Bank of Nova Scotia (NYSE:BNS)

Park Avenue Securities LLC acquired a new stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) during the first quarter, HoldingsChannel reports. The firm acquired 12,954 shares of the bank’s stock, valued at approximately $671,000.

Other institutional investors have also bought and sold shares of the company. Bruce G. Allen Investments LLC boosted its stake in Bank of Nova Scotia by 70.6% during the 1st 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 raised its stake in Bank of Nova Scotia by 71.6% during the fourth quarter. Fifth Third Bancorp now owns 858 shares of the bank’s stock worth $42,000 after acquiring an additional 358 shares in the last quarter. Addison Advisors LLC raised its holdings in shares of Bank of Nova Scotia by 88.6% in the fourth quarter. Addison Advisors LLC now owns 2,948 shares of the bank’s stock valued at $144,000 after buying an additional 1,385 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of Bank of Nova Scotia by 43.9% in the 4th quarter. Hexagon Capital Partners LLC now owns 3,986 shares of the bank’s stock valued at $194,000 after purchasing an additional 1,216 shares during the last quarter. Finally, Five Oceans Advisors acquired a new position in Bank of Nova Scotia in the fourth quarter valued at about $200,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. StockNews.com downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. Barclays assumed coverage on shares of Bank of Nova Scotia in a report on Wednesday, March 20th. They set an “underweight” rating and a $70.00 price target for the company. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $68.00.

Bank of Nova Scotia Stock Performance

NYSE:BNS opened at $45.57 on Friday. The company has a market capitalization of $56.03 billion, a PE ratio of 10.26, a P/E/G ratio of 1.70 and a beta of 1.05. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03. The Bank of Nova Scotia has a fifty-two week low of $39.79 and a fifty-two week high of $51.98. The company has a 50 day simple moving average of $47.00 and a two-hundred day simple moving average of $47.64.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results 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. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. The company had revenue of $6.15 billion for the quarter, compared to analyst estimates of $6.10 billion. Research analysts anticipate that The Bank of Nova Scotia will post 4.82 earnings per share for the current year.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Wednesday, July 3rd will be given a $0.769 dividend. The ex-dividend date is Wednesday, July 3rd. This represents a $3.08 dividend on an annualized basis and a dividend yield of 6.75%. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 69.14%.

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.