MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Takes $2.22 Million Position in The Bank of Nova Scotia (NYSE:BNS)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 42,779 shares of the bank’s stock, valued at approximately $2,215,000.

A number of other hedge funds also recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC raised its holdings in Bank of Nova Scotia by 1.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,432 shares of the bank’s stock worth $799,000 after purchasing an additional 219 shares in the last quarter. Power Corp of Canada raised its holdings in Bank of Nova Scotia by 1.9% during the fourth quarter. Power Corp of Canada now owns 12,037 shares of the bank’s stock worth $587,000 after purchasing an additional 226 shares in the last quarter. Bruce G. Allen Investments LLC raised its holdings in Bank of Nova Scotia by 70.6% during the first quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock worth $30,000 after purchasing an additional 242 shares in the last quarter. Metis Global Partners LLC raised its holdings in Bank of Nova Scotia by 0.4% during the fourth quarter. Metis Global Partners LLC now owns 59,065 shares of the bank’s stock worth $2,875,000 after purchasing an additional 258 shares in the last quarter. Finally, Pacifica Partners Inc. raised its holdings in Bank of Nova Scotia by 1.5% during the fourth quarter. Pacifica Partners Inc. now owns 19,185 shares of the bank’s stock worth $851,000 after purchasing an additional 285 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Trading Up 0.7 %

Bank of Nova Scotia stock opened at $45.80 on Wednesday. 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 firm has a market cap of $56.31 billion, a price-to-earnings ratio of 10.32, a price-to-earnings-growth ratio of 1.69 and a beta of 1.04. The Bank of Nova Scotia has a 1 year low of $39.79 and a 1 year high of $51.98. The firm’s 50 day moving average price is $46.93 and its two-hundred day moving average price is $47.65.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Tuesday, May 28th. The bank reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.02. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. The firm had revenue of $6.15 billion for the quarter, compared to analysts’ expectations of $6.10 billion. On average, research analysts predict that The Bank of Nova Scotia will post 4.82 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Shareholders of record on Wednesday, July 3rd will be given a dividend of $0.769 per share. This represents a $3.08 annualized dividend and a yield of 6.72%. The ex-dividend date is Wednesday, July 3rd. Bank of Nova Scotia’s payout ratio is 70.72%.

Analysts Set New Price Targets

Several brokerages recently commented on BNS. UBS Group began coverage on Bank of Nova Scotia in a report on Tuesday. They set a “neutral” rating on the stock. Barclays began coverage on shares of Bank of Nova Scotia in a research report on Wednesday, March 20th. They issued an “underweight” rating and a $70.00 price target on the stock. Finally, StockNews.com lowered shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Wednesday, May 29th. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $68.00.

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.