Intact Investment Management Inc. Purchases 509,120 Shares of The Bank of Nova Scotia (NYSE:BNS)

Intact Investment Management Inc. boosted its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 48.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,563,594 shares of the bank’s stock after purchasing an additional 509,120 shares during the quarter. Bank of Nova Scotia comprises approximately 2.8% of Intact Investment Management Inc.’s investment portfolio, making the stock its 5th largest holding. Intact Investment Management Inc. owned about 0.13% of Bank of Nova Scotia worth $85,201,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pathway Financial Advisers LLC boosted its position in shares of Bank of Nova Scotia by 5,380.9% during the third quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock valued at $216,447,000 after buying an additional 3,899,760 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Bank of Nova Scotia during the 2nd quarter worth $120,463,000. 1832 Asset Management L.P. grew its stake in shares of Bank of Nova Scotia by 16.1% in the 1st quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock worth $881,082,000 after acquiring an additional 2,361,136 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Bank of Nova Scotia by 17.6% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,563,337 shares of the bank’s stock valued at $753,658,000 after purchasing an additional 2,178,633 shares during the last quarter. Finally, Nicola Wealth Management LTD. purchased a new stake in shares of Bank of Nova Scotia in the first quarter valued at about $77,670,000. Institutional investors own 49.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BNS. Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 20th. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Bank of Nova Scotia currently has an average rating of “Hold” and a consensus target price of $69.00.

Bank of Nova Scotia Stock Up 0.8 %

Bank of Nova Scotia stock opened at $51.90 on Monday. The Bank of Nova Scotia has a twelve month low of $41.46 and a twelve month high of $55.12. The firm has a 50 day moving average price of $52.21 and a 200-day moving average price of $48.62. The company has a market capitalization of $64.23 billion, a P/E ratio of 12.42, a P/E/G ratio of 1.63 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.01. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The firm had revenue of $8.36 billion during the quarter, compared to the consensus estimate of $8.53 billion. During the same period in the prior year, the firm earned $1.30 EPS. The company’s revenue was up 3.7% compared to the same quarter last year. As a group, equities analysts predict that The Bank of Nova Scotia will post 4.8 EPS for the current year.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Wednesday, October 2nd were given a dividend of $0.768 per share. This represents a $3.07 dividend on an annualized basis and a dividend yield of 5.92%. The ex-dividend date of this dividend was Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio is currently 74.88%.

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.