Granite Investment Advisors LLC Reduces Stake in Bank of Nova Scotia (NYSE:BNS)
Granite Investment Advisors LLC lowered its holdings in Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 1.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 113,051 shares of the bank’s stock after selling 2,065 shares during the quarter. Bank of Nova Scotia comprises 1.2% of Granite Investment Advisors LLC’s investment portfolio, making the stock its 26th biggest holding. Granite Investment Advisors LLC’s holdings in Bank of Nova Scotia were worth $6,144,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Cerebellum GP LLC raised its holdings in Bank of Nova Scotia by 8.3% during the second quarter. Cerebellum GP LLC now owns 6,189 shares of the bank’s stock worth $336,000 after purchasing an additional 476 shares during the last quarter. Capital Investment Advisors LLC acquired a new position in Bank of Nova Scotia during the second quarter worth $206,000. Callahan Advisors LLC raised its holdings in Bank of Nova Scotia by 12.2% during the second quarter. Callahan Advisors LLC now owns 36,922 shares of the bank’s stock worth $2,007,000 after purchasing an additional 4,010 shares during the last quarter. Howland Capital Management LLC raised its holdings in Bank of Nova Scotia by 12.1% during the second quarter. Howland Capital Management LLC now owns 174,449 shares of the bank’s stock worth $9,481,000 after purchasing an additional 18,776 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. raised its holdings in shares of Bank of Nova Scotia by 5.9% in the second quarter. Ferguson Wellman Capital Management Inc. now owns 159,603 shares of the bank’s stock worth $8,675,000 after acquiring an additional 8,834 shares during the last quarter. Institutional investors and hedge funds own 45.16% of the company’s stock.
A number of equities analysts have recently weighed in on the company. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Zacks Investment Research cut Phoenix New Media from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, Barclays raised Encompass Health from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $68.00 to $70.00 in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $77.75.
Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, May 28th. The bank reported $1.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.74 by ($0.04). Bank of Nova Scotia had a return on equity of 13.55% and a net margin of 19.20%. The company had revenue of $7.80 billion during the quarter, compared to analyst estimates of $7.60 billion. During the same period last year, the firm earned $1.70 earnings per share. The business’s revenue was up 10.6% compared to the same quarter last year. Equities research analysts expect that Bank of Nova Scotia will post 5.26 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Tuesday, July 2nd will be issued a $0.65 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $2.60 dividend on an annualized basis and a dividend yield of 4.85%. Bank of Nova Scotia’s dividend payout ratio (DPR) is 48.90%.
Bank of Nova Scotia Profile
The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.
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