Tobam Sells 251 Shares of The Bank of Nova Scotia (NYSE:BNS)

Tobam decreased its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 6.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,879 shares of the bank’s stock after selling 251 shares during the period. Tobam’s holdings in Bank of Nova Scotia were worth $177,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mather Group LLC. grew 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 last quarter. Blue Trust Inc. grew its stake in shares of Bank of Nova Scotia by 3,127.8% in the second quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock worth $27,000 after acquiring an additional 563 shares during the last quarter. Bruce G. Allen Investments LLC boosted its stake 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 worth $30,000 after buying an additional 242 shares in the last quarter. Global Retirement Partners LLC boosted its stake in Bank of Nova Scotia by 144.6% during the first quarter. Global Retirement Partners LLC now owns 959 shares of the bank’s stock worth $50,000 after buying an additional 567 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Bank of Nova Scotia during the first quarter worth $53,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. StockNews.com downgraded shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. UBS Group began coverage on shares of Bank of Nova Scotia in a research note on Tuesday, July 2nd. They set a “neutral” rating on the stock. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat, Bank of Nova Scotia has an average rating of “Hold” and an average target price of $68.00.

Bank of Nova Scotia Price Performance

Shares of Bank of Nova Scotia stock traded up $0.60 during trading on Friday, reaching $49.82. The company’s stock had a trading volume of 792,348 shares, compared to its average volume of 1,843,757. The stock has a 50-day moving average price of $46.37 and a two-hundred day moving average price of $47.52. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.57. The Bank of Nova Scotia has a one year low of $39.79 and a one year high of $51.98. The stock has a market capitalization of $61.26 billion, a P/E ratio of 11.09, a price-to-earnings-growth ratio of 1.70 and a beta of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.01. Bank of Nova Scotia had a return on equity of 11.40% and a net margin of 10.40%. The business had revenue of $8.36 billion during the quarter, compared to analysts’ expectations of $8.53 billion. During the same period in the previous year, the business posted $1.30 earnings per share. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Bank of Nova Scotia will post 4.82 EPS 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. Shareholders of record on Wednesday, October 2nd will be issued a dividend of $0.768 per share. The ex-dividend date is Wednesday, October 2nd. This represents a $3.07 annualized dividend and a yield of 6.17%. Bank of Nova Scotia’s dividend payout ratio is currently 69.59%.

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