Trading Report: The Eliot Finkel Investment Counsel LLC sells partial stakes of Bank of Nova Scotia (BNS)

The Eliot Finkel Investment Counsel LLC sells partial stakes of Bank of Nova Scotia (BNS)

Eliot Finkel Investment Counsel LLC cut its stake in shares of Bank of Nova Scotia (NYSE:BNS) by 8.4% during the second quarter, Holdings Channel reports. The firm owned 32,580 shares of the company’s stock after selling 3,000 shares during the period. Bank of Nova Scotia comprises about 1.4% of Eliot Finkel Investment Counsel LLC’s investment portfolio, making the stock its 27th largest position. Eliot Finkel Investment Counsel LLC’s holdings in Bank of Nova Scotia were worth $1,597,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Bollard Group LLC raised its position in shares of Bank of Nova Scotia by 0.8% in the second quarter. Bollard Group LLC now owns 36,990 shares of the company’s stock worth $1,813,000 after buying an additional 283 shares during the last quarter. Cumberland Partners Ltd raised its position in shares of Bank of Nova Scotia by 0.7% in the second quarter. Cumberland Partners Ltd now owns 103,199 shares of the company’s stock worth $5,022,000 after buying an additional 696 shares during the last quarter. Checchi Capital Advisers LLC raised its position in shares of Bank of Nova Scotia by 16.3% in the second quarter. Checchi Capital Advisers LLC now owns 5,710 shares of the company’s stock worth $280,000 after buying an additional 800 shares during the last quarter. RS Investment Management Co. LLC raised its position in shares of Bank of Nova Scotia by 13.2% in the second quarter. RS Investment Management Co. LLC now owns 7,679 shares of the company’s stock worth $486,000 after buying an additional 893 shares during the last quarter. Finally, Howland Capital Management LLC raised its position in shares of Bank of Nova Scotia by 1.2% in the second quarter. Howland Capital Management LLC now owns 87,672 shares of the company’s stock worth $4,297,000 after buying an additional 1,040 shares during the last quarter. 49.26% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Bank of Nova Scotia (NYSE:BNS) traded up 0.47% on Friday, reaching $53.42. The company’s stock had a trading volume of 610,041 shares. Bank of Nova Scotia has a 52-week low of $35.01 and a 52-week high of $55.14. The stock has a 50-day moving average of $53.30 and a 200 day moving average of $50.77. The company has a market cap of $64.36 billion, a price-to-earnings ratio of 12.50 and a beta of 1.18.

Bank of Nova Scotia (NYSE:BNS) last announced its quarterly earnings data on Tuesday, August 30th. The company reported $1.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.48 by $0.30. Bank of Nova Scotia had a net margin of 20.84% and a return on equity of 14.04%. During the same period in the previous year, the firm posted $1.45 EPS. On average, equities research analysts forecast that Bank of Nova Scotia will post $4.47 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 27th. Shareholders of record on Tuesday, October 4th will be paid a dividend of $0.5724 per share. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.55. The ex-dividend date is Friday, September 30th. This represents a $2.29 dividend on an annualized basis and a yield of 4.29%. Bank of Nova Scotia’s payout ratio is presently 52.45%.

A number of equities analysts have recently weighed in on the company. Dundee Securities assumed coverage on Bank of Nova Scotia in a research report on Wednesday, September 21st. They set a “buy” rating on the stock. Scotiabank reiterated an “outperform” rating and set a $76.00 price target (up previously from $70.00) on shares of Bank of Nova Scotia in a report on Thursday, September 1st. National Bank Financial reiterated a “sector perform” rating and set a $70.00 price target (up previously from $66.00) on shares of Bank of Nova Scotia in a report on Thursday, September 1st. Desjardins reiterated a “buy” rating and set a $73.00 price target (up previously from $71.00) on shares of Bank of Nova Scotia in a report on Thursday, September 1st. Finally, Canaccord Genuity reiterated a “buy” rating and set a $75.00 price target (up previously from $73.00) on shares of Bank of Nova Scotia in a report on Thursday, September 1st. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $68.09.

About Bank of Nova Scotia

The Bank of Nova Scotia (Scotiabank or the Bank) is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The Company’s segments include Canadian Banking, International Banking, Global Banking and Markets (GBM), and Other.

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