Cornerstone Wealth Management LLC Acquires 801 Shares of The Bank of Nova Scotia (NYSE:BNS)

Cornerstone Wealth Management LLC grew its holdings in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 4.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,517 shares of the bank’s stock after buying an additional 801 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Bank of Nova Scotia were worth $892,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in BNS. Mather Group LLC. increased its holdings 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 purchasing an additional 500 shares in the last quarter. Bruce G. Allen Investments LLC grew its stake in shares of Bank of Nova Scotia by 70.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock worth $30,000 after acquiring an additional 242 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of Bank of Nova Scotia by 144.6% in the first quarter. Global Retirement Partners LLC now owns 959 shares of the bank’s stock valued at $50,000 after purchasing an additional 567 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Bank of Nova Scotia during the first quarter valued at about $53,000. Finally, Galibier Capital Management Ltd. bought a new position in shares of Bank of Nova Scotia during the first quarter valued at about $76,000. 49.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. StockNews.com downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. UBS Group initiated coverage on shares of Bank of Nova Scotia in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. Two analysts have rated the stock with a sell rating and four have given a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $68.00.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock traded up $0.59 during midday trading on Thursday, reaching $46.56. The stock had a trading volume of 515,204 shares, compared to its average volume of 1,876,163. The firm has a market capitalization of $57.25 billion, a PE ratio of 10.35, a P/E/G ratio of 1.70 and a beta of 1.04. The Bank of Nova Scotia has a 12 month low of $39.79 and a 12 month high of $51.98. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.57. The firm’s 50-day moving average price is $46.11 and its 200 day moving average price is $47.44.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, May 28th. The bank reported $1.16 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $6.15 billion for the quarter, compared to analysts’ expectations of $6.10 billion. As a group, research analysts predict that The Bank of Nova Scotia will post 4.82 earnings per share for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 29th. Shareholders of record on Wednesday, July 3rd were issued a dividend of $0.769 per share. This represents a $3.08 dividend on an annualized basis and a yield of 6.61%. The ex-dividend date was Wednesday, July 3rd. Bank of Nova Scotia’s payout ratio is presently 69.59%.

Bank of Nova Scotia 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.