Bessemer Group Inc. Trims Position in The Bank of Nova Scotia (NYSE:BNS)

Posted by Defense World Staff on Jun 12th, 2023

Bessemer Group Inc. lessened its stake in The Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,519 shares of the bank’s stock after selling 386 shares during the period. Bessemer Group Inc.’s holdings in Bank of Nova Scotia were worth $712,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Trust Advisors LP grew its holdings in Bank of Nova Scotia by 21.5% during the 3rd quarter. First Trust Advisors LP now owns 1,272,598 shares of the bank’s stock worth $60,535,000 after acquiring an additional 225,143 shares in the last quarter. Proquility Private Wealth Partners LLC boosted its holdings in shares of Bank of Nova Scotia by 15.1% in the 3rd quarter. Proquility Private Wealth Partners LLC now owns 12,994 shares of the bank’s stock valued at $618,000 after buying an additional 1,709 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Bank of Nova Scotia by 18.3% in the 4th quarter. Geneos Wealth Management Inc. now owns 8,561 shares of the bank’s stock valued at $419,000 after buying an additional 1,326 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Bank of Nova Scotia by 5.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,259,169 shares of the bank’s stock valued at $257,596,000 after buying an additional 261,771 shares in the last quarter. Finally, Horizon Investments LLC bought a new stake in shares of Bank of Nova Scotia in the 3rd quarter valued at about $607,000. 45.19% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Stock Performance

BNS traded down $0.20 during trading on Monday, reaching $49.34. 321,439 shares of the company’s stock were exchanged, compared to its average volume of 1,392,051. The Bank of Nova Scotia has a 1 year low of $45.26 and a 1 year high of $63.75. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $59.12 billion, a P/E ratio of 9.71, a price-to-earnings-growth ratio of 2.31 and a beta of 1.02. The company’s fifty day simple moving average is $49.68 and its 200-day simple moving average is $50.46.

Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) last posted its quarterly earnings results on Wednesday, May 24th. The bank reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.07). Bank of Nova Scotia had a return on equity of 13.99% and a net margin of 14.16%. The business had revenue of $5.85 billion for the quarter, compared to analysts’ expectations of $5.91 billion. As a group, research analysts predict that The Bank of Nova Scotia will post 5.28 earnings per share for the current fiscal year.

Bank of Nova Scotia Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 27th. Shareholders of record on Wednesday, July 5th will be given a dividend of $0.7851 per share. The ex-dividend date is Monday, July 3rd. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.77. This represents a $3.14 dividend on an annualized basis and a yield of 6.36%. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 59.92%.

Analyst Upgrades and Downgrades

BNS has been the topic of a number of recent analyst reports. StockNews.com cut shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Tuesday, June 6th. Canaccord Genuity Group lowered shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Wednesday, March 1st. Royal Bank of Canada decreased their price objective on shares of Bank of Nova Scotia from $86.00 to $77.00 and set a “sector perform” rating for the company in a research report on Wednesday, March 1st. Barclays lowered shares of Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating in a research report on Tuesday, May 9th. Finally, Scotiabank lowered shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $86.06.

Bank of Nova Scotia Profile

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The Bank of Nova Scotia engages in the provision of financial products and services including personal, commercial, corporate, and investment banking. It operates through the following segments: Canadian Banking, International Banking, Global Wealth Management, Global Banking and Markets, and Other. The Other segment includes group treasury and smaller operating segments.