Intech Investment Management LLC Buys 73,128 Shares of The Bank of Nova Scotia (NYSE:BNS)

Intech Investment Management LLC boosted its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 97.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 148,110 shares of the bank’s stock after acquiring an additional 73,128 shares during the period. Intech Investment Management LLC’s holdings in Bank of Nova Scotia were worth $6,774,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of Bank of Nova Scotia by 1.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,432 shares of the bank’s stock worth $799,000 after purchasing an additional 219 shares during the period. Power Corp of Canada lifted its position in Bank of Nova Scotia by 1.9% during the fourth quarter. Power Corp of Canada now owns 12,037 shares of the bank’s stock worth $587,000 after purchasing an additional 226 shares during the period. Bruce G. Allen Investments LLC increased its holdings in Bank of Nova Scotia by 70.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock valued at $30,000 after buying an additional 242 shares during the period. Pacifica Partners Inc. raised its position in shares of Bank of Nova Scotia by 1.5% in the 2nd quarter. Pacifica Partners Inc. now owns 19,493 shares of the bank’s stock valued at $889,000 after buying an additional 288 shares in the last quarter. Finally, Gold Investment Management Ltd. lifted its holdings in shares of Bank of Nova Scotia by 0.3% during the 1st quarter. Gold Investment Management Ltd. now owns 111,564 shares of the bank’s stock worth $5,773,000 after acquiring an additional 292 shares during the period. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

Shares of Bank of Nova Scotia stock opened at $54.07 on Friday. The company’s 50 day moving average price is $48.30 and its two-hundred day moving average price is $47.96. The firm has a market capitalization of $66.48 billion, a P/E ratio of 12.18, a P/E/G ratio of 1.64 and a beta of 1.04. The Bank of Nova Scotia has a fifty-two week low of $39.79 and a fifty-two week high of $54.22. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 1.02.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Tuesday, August 27th. The bank reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.01. Bank of Nova Scotia had a return on equity of 11.14% and a net margin of 9.84%. The company had revenue of $8.36 billion for the quarter, compared to the consensus estimate of $8.53 billion. During the same quarter last year, the business posted $1.30 EPS. Bank of Nova Scotia’s revenue for the quarter was up 3.7% on a year-over-year basis. On average, equities analysts forecast that The Bank of Nova Scotia will post 4.8 earnings per share for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 29th. Stockholders of record on Wednesday, October 2nd will be paid a $0.768 dividend. This represents a $3.07 annualized dividend and a dividend yield of 5.68%. The ex-dividend date is Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio is currently 70.72%.

Analyst Ratings Changes

Several research analysts have commented on BNS shares. StockNews.com downgraded shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Wednesday, May 29th. UBS Group initiated coverage on Bank of Nova Scotia in a research report on Tuesday, July 2nd. They set a “neutral” rating for the company. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat.com, Bank of Nova Scotia has an average rating of “Hold” and a consensus 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.