Moran Wealth Management LLC Invests $201,000 in The Bank of Nova Scotia (NYSE:BNS)

Moran Wealth Management LLC acquired a new stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in the third quarter, Holdings Channel reports. The firm acquired 3,685 shares of the bank’s stock, valued at approximately $201,000.

Several other large investors have also bought and sold shares of the stock. Rathbones Group PLC increased its stake in shares of Bank of Nova Scotia by 11.8% in the second quarter. Rathbones Group PLC now owns 136,337 shares of the bank’s stock valued at $6,235,000 after buying an additional 14,379 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Bank of Nova Scotia by 2,455.8% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,521,906 shares of the bank’s stock valued at $69,627,000 after purchasing an additional 1,462,360 shares during the period. Intact Investment Management Inc. raised its holdings in Bank of Nova Scotia by 48.3% during the 3rd quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock worth $85,201,000 after purchasing an additional 509,120 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of Bank of Nova Scotia by 4.7% in the 2nd quarter. Mackenzie Financial Corp now owns 15,091,880 shares of the bank’s stock worth $690,438,000 after purchasing an additional 683,946 shares during the period. Finally, Pathway Financial Advisers LLC boosted its stake in shares of Bank of Nova Scotia by 5,380.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock valued at $216,447,000 after purchasing an additional 3,899,760 shares during the last quarter. 49.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Cibc World Mkts upgraded Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday, September 20th. Finally, Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $69.00.

Bank of Nova Scotia Stock Performance

NYSE BNS opened at $56.46 on Friday. The company has a market cap of $70.26 billion, a P/E ratio of 13.51, a PEG ratio of 1.67 and a beta of 1.05. The company has a fifty day simple moving average of $53.42 and a 200 day simple moving average of $49.41. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The Bank of Nova Scotia has a 12-month low of $41.80 and a 12-month high of $56.71.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) 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 analysts’ expectations of $8.53 billion. During the same period last year, the company earned $1.30 earnings per share. The business’s revenue was up 3.7% on a year-over-year basis. Sell-side analysts predict that The Bank of Nova Scotia will post 4.75 earnings per share for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 29th. Stockholders of record on Wednesday, October 2nd were paid a $0.768 dividend. This represents a $3.07 annualized dividend and a dividend yield of 5.44%. The ex-dividend date of this dividend was Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 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.