Ipswich Investment Management Co. Inc. Buys 3,600 Shares of The Bank of Nova Scotia (NYSE:BNS)

Ipswich Investment Management Co. Inc. grew its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 13.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,086 shares of the bank’s stock after buying an additional 3,600 shares during the period. Ipswich Investment Management Co. Inc.’s holdings in Bank of Nova Scotia were worth $1,639,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Mather Group LLC. boosted its stake in Bank of Nova Scotia by 1,388.9% during the 2nd quarter. Mather Group LLC. now owns 536 shares of the bank’s stock worth $25,000 after acquiring an additional 500 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Bank of Nova Scotia by 3,127.8% during the second quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock worth $27,000 after purchasing an additional 563 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of Bank of Nova Scotia in the 1st quarter valued at $53,000. City State Bank acquired a new position in shares of Bank of Nova Scotia in the 3rd quarter valued at $57,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Bank of Nova Scotia by 102.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,605 shares of the bank’s stock valued at $83,000 after buying an additional 811 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BNS has been the subject of a number of research analyst reports. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Two analysts have rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Bank of Nova Scotia presently has an average rating of “Hold” and an average price target of $69.00.

Bank of Nova Scotia Stock Up 0.2 %

Shares of Bank of Nova Scotia stock opened at $53.93 on Friday. The Bank of Nova Scotia has a 52-week low of $41.80 and a 52-week high of $55.12. 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 business’s 50 day simple moving average is $52.97 and its 200 day simple moving average is $49.08. The firm has a market cap of $66.74 billion, a PE ratio of 12.90, a P/E/G ratio of 1.59 and a beta of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted 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. The company 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 firm’s revenue was up 3.7% compared to the same quarter last year. During the same period last year, the company earned $1.30 earnings per share. On average, analysts predict that The Bank of Nova Scotia will post 4.79 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 issued a $0.768 dividend. This represents a $3.07 annualized dividend and a dividend yield of 5.70%. The ex-dividend date was Wednesday, October 2nd. Bank of Nova Scotia’s payout ratio is 74.88%.

About Bank of Nova Scotia

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.