Artemis Investment Management LLP Makes New Investment in The Bank of Nova Scotia (NYSE:BNS)

Artemis Investment Management LLP purchased a new position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 511,877 shares of the bank’s stock, valued at approximately $27,887,000.

A number of other large investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its stake in Bank of Nova Scotia by 1.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,432 shares of the bank’s stock valued at $799,000 after purchasing an additional 219 shares during the period. Power Corp of Canada lifted its stake in Bank of Nova Scotia by 1.9% in the fourth quarter. Power Corp of Canada now owns 12,037 shares of the bank’s stock valued at $587,000 after purchasing an additional 226 shares during the last quarter. Bruce G. Allen Investments LLC increased its position in Bank of Nova Scotia by 70.6% in the first quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock worth $30,000 after buying an additional 242 shares during the last quarter. Pacifica Partners Inc. increased its position in Bank of Nova Scotia by 1.5% in the second quarter. Pacifica Partners Inc. now owns 19,493 shares of the bank’s stock worth $889,000 after buying an additional 288 shares during the last quarter. Finally, Gold Investment Management Ltd. raised its stake in shares of Bank of Nova Scotia by 0.3% in the first quarter. Gold Investment Management Ltd. now owns 111,564 shares of the bank’s stock valued at $5,773,000 after buying an additional 292 shares during the period. 49.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

BNS has been the subject of several recent research reports. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday, September 20th. UBS Group started coverage on shares of Bank of Nova Scotia in a research report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $69.00.

Bank of Nova Scotia Stock Performance

Shares of BNS opened at $52.37 on Wednesday. The Bank of Nova Scotia has a 52-week low of $39.79 and a 52-week high of $55.12. The stock’s 50-day simple moving average is $49.89 and its 200 day simple moving average is $48.24. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $64.39 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 1.71 and a beta of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.01. The firm had revenue of $8.36 billion for the quarter, compared to the consensus estimate of $8.53 billion. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.30 earnings per share. Research analysts forecast that The Bank of Nova Scotia will post 4.8 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd will be paid a dividend of $0.768 per share. This represents a $3.07 annualized dividend and a yield of 5.87%. The ex-dividend date is Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio is 70.50%.

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.