The Bank of Nova Scotia (NYSE:BNS) Position Lessened by Ossiam

Posted by Defense World Staff on Sep 10th, 2023

Ossiam decreased its stake in The Bank of Nova Scotia (NYSE:BNS – Free Report) (TSE:BNS) by 36.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 65,680 shares of the bank’s stock after selling 37,695 shares during the period. Ossiam’s holdings in Bank of Nova Scotia were worth $3,304,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Coston McIsaac & Partners lifted its holdings in shares of Bank of Nova Scotia by 167.9% in the 1st quarter. Coston McIsaac & Partners now owns 501 shares of the bank’s stock worth $25,000 after purchasing an additional 314 shares during the last quarter. Endurance Wealth Management Inc. lifted its holdings in shares of Bank of Nova Scotia by 1,190.5% in the 1st quarter. Endurance Wealth Management Inc. now owns 542 shares of the bank’s stock worth $27,000 after purchasing an additional 500 shares during the last quarter. HBC Financial Services PLLC acquired a new stake in Bank of Nova Scotia in the 1st quarter valued at approximately $30,000. Massmutual Trust Co. FSB ADV increased its position in Bank of Nova Scotia by 69.9% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 909 shares of the bank’s stock valued at $46,000 after acquiring an additional 374 shares during the period. Finally, CWM LLC increased its position in Bank of Nova Scotia by 150.8% in the 1st quarter. CWM LLC now owns 1,377 shares of the bank’s stock valued at $69,000 after acquiring an additional 828 shares during the period. Institutional investors own 43.18% of the company’s stock.

Bank of Nova Scotia Stock Down 0.2 %

Shares of BNS stock opened at $46.52 on Friday. The Bank of Nova Scotia has a 1 year low of $45.25 and a 1 year high of $57.25. The stock has a market cap of $56.07 billion, a PE ratio of 9.77, a price-to-earnings-growth ratio of 2.22 and a beta of 1.02. The business’s fifty day moving average is $48.20 and its 200-day moving average is $49.12. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.05 and a current ratio of 1.05.

Bank of Nova Scotia (NYSE:BNS – Get Free Report) (TSE:BNS) last issued 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 return on equity of 13.31% and a net margin of 12.25%. The company had revenue of $8.09 billion for the quarter, compared to analysts’ expectations of $8.16 billion. During the same period last year, the firm earned $1.63 EPS. The firm’s revenue for the quarter was up 3.7% on a year-over-year basis. Equities analysts expect that The Bank of Nova Scotia will post 5.17 earnings per share for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 27th. Investors of record on Tuesday, October 3rd will be issued a $0.7801 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 6.71%. The ex-dividend date is Monday, October 2nd. Bank of Nova Scotia’s payout ratio is 65.76%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Scotiabank lowered 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 report on Wednesday, August 30th. Barclays raised their target price on Bank of Nova Scotia from $63.00 to $65.00 and gave the company an “underweight” rating in a research report on Monday, August 21st. Finally, StockNews.com cut Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Monday, September 4th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat, Bank of Nova Scotia currently has an average rating of “Hold” and an average price target of $69.33.

Check Out Our Latest Stock Analysis on BNS

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.