Lorne Steinberg Wealth Management Inc. Acquires 379 Shares of The Bank of Nova Scotia (NYSE:BNS)

Lorne Steinberg Wealth Management Inc. lifted its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 0.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 145,160 shares of the bank’s stock after purchasing an additional 379 shares during the period. Bank of Nova Scotia accounts for approximately 2.1% of Lorne Steinberg Wealth Management Inc.’s portfolio, making the stock its 17th biggest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Bank of Nova Scotia were worth $6,637,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Norges Bank bought a new position in Bank of Nova Scotia during the fourth quarter valued at about $652,409,000. TD Asset Management Inc increased its stake in Bank of Nova Scotia by 23.2% during the fourth quarter. TD Asset Management Inc now owns 19,841,901 shares of the bank’s stock valued at $970,577,000 after acquiring an additional 3,731,541 shares during the period. Clearbridge Investments LLC bought a new position in Bank of Nova Scotia during the fourth quarter valued at about $114,447,000. 1832 Asset Management L.P. increased its stake in Bank of Nova Scotia by 16.1% during the first quarter. 1832 Asset Management L.P. now owns 17,015,877 shares of the bank’s stock valued at $881,082,000 after acquiring an additional 2,361,136 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in Bank of Nova Scotia by 17.6% during 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 acquiring an additional 2,178,633 shares during the period. 49.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Bank of Nova Scotia Price Performance

NYSE BNS traded up $0.67 during trading on Friday, reaching $47.11. 906,812 shares of the company traded hands, compared to its average volume of 1,873,927. The company has a market cap of $57.93 billion, a price-to-earnings ratio of 10.46, a P/E/G ratio of 1.70 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03. The Bank of Nova Scotia has a 1-year low of $39.79 and a 1-year high of $51.98. The stock’s 50 day moving average price is $46.09 and its two-hundred day moving average price is $47.43.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its earnings results on Tuesday, May 28th. The bank reported $1.16 EPS for the quarter, topping the consensus estimate of $1.14 by $0.02. The business had revenue of $6.15 billion for the quarter, compared to the consensus estimate of $6.10 billion. Bank of Nova Scotia had a return on equity of 11.40% and a net margin of 10.40%. As a group, analysts anticipate that The Bank of Nova Scotia will post 4.82 EPS for the current year.

Bank of Nova Scotia Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 29th. Stockholders of record on Wednesday, July 3rd were issued a $0.769 dividend. This represents a $3.08 annualized dividend and a dividend yield of 6.53%. The ex-dividend date of this dividend was Wednesday, July 3rd. Bank of Nova Scotia’s 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.