American Century Companies Inc. Acquires 48,382 Shares of The Bank of Nova Scotia (NYSE:BNS)

Posted by Defense World Staff on Sep 4th, 2023

American Century Companies Inc. lifted its position in The Bank of Nova Scotia (NYSE:BNS – Free Report) (TSE:BNS) by 35.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 184,721 shares of the bank’s stock after purchasing an additional 48,382 shares during the quarter. American Century Companies Inc.’s holdings in Bank of Nova Scotia were worth $9,304,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BNS. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Bank of Nova Scotia by 59.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 26,438 shares of the bank’s stock worth $1,896,000 after purchasing an additional 9,818 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Bank of Nova Scotia by 2.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 18,359 shares of the bank’s stock worth $1,317,000 after purchasing an additional 475 shares during the period. Cetera Advisor Networks LLC bought a new position in shares of Bank of Nova Scotia in the first quarter worth $366,000. Private Advisor Group LLC increased its holdings in shares of Bank of Nova Scotia by 56.3% in the first quarter. Private Advisor Group LLC now owns 7,272 shares of the bank’s stock worth $522,000 after purchasing an additional 2,619 shares during the period. Finally, BlackRock Inc. increased its holdings in shares of Bank of Nova Scotia by 10.3% in the first quarter. BlackRock Inc. now owns 870,918 shares of the bank’s stock worth $62,462,000 after purchasing an additional 81,002 shares during the period. Institutional investors own 43.18% of the company’s stock.

Bank of Nova Scotia Stock Up 1.5 %

BNS opened at $48.14 on Monday. The business’s fifty day simple moving average is $48.40 and its 200 day simple moving average is $49.33. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.51. The Bank of Nova Scotia has a 52 week low of $45.25 and a 52 week high of $57.25. The stock has a market cap of $58.02 billion, a PE ratio of 10.11, a P/E/G ratio of 2.15 and a beta of 1.02.

Bank of Nova Scotia (NYSE:BNS – Get Free Report) (TSE:BNS) last posted its quarterly earnings results on Tuesday, August 29th. The bank reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.45. Bank of Nova Scotia had a net margin of 14.16% and a return on equity of 13.99%. The business had revenue of $8.09 billion during the quarter, compared to analyst estimates of $8.16 billion. During the same period in the prior year, the business posted $1.63 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis. As a group, research analysts expect that The Bank of Nova Scotia will post 5.28 earnings per share for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 27th. Shareholders of record on Tuesday, October 3rd will be given a dividend of $0.7801 per share. The ex-dividend date is Monday, October 2nd. This represents a $3.12 annualized dividend and a yield of 6.48%. Bank of Nova Scotia’s payout ratio is 67.23%.

Wall Street Analysts Forecast Growth

BNS has been the topic of several research analyst reports. Barclays upped their price target on shares of Bank of Nova Scotia from $63.00 to $65.00 and gave the stock an “underweight” rating in a report on Monday, August 21st. Scotiabank reduced their target price on Bank of Nova Scotia from $68.00 to $66.00 and set a “hold” rating on the stock in a research note on Wednesday, August 30th. Finally, StockNews.com initiated coverage on Bank of Nova Scotia in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $69.33.

Get Our Latest Stock Report on Bank of Nova Scotia

Bank of Nova Scotia Profile

(Free Report)

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 in four segments: Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.