The Bank of Nova Scotia (NYSE:BNS) Declares Quarterly Dividend of $0.79

The Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) declared a quarterly dividend on Thursday, May 25th, Wall Street Journal reports. Stockholders of record on Wednesday, July 5th will be paid a dividend of 0.7851 per share by the bank on Thursday, July 27th. This represents a $3.14 annualized dividend and a dividend yield of 6.41%. The ex-dividend date is Monday, July 3rd. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.77.

Bank of Nova Scotia has increased its dividend payment by an average of 5.1% annually over the last three years. Bank of Nova Scotia has a payout ratio of 51.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Bank of Nova Scotia to earn $5.94 per share next year, which means the company should continue to be able to cover its $3.03 annual dividend with an expected future payout ratio of 51.0%.

Bank of Nova Scotia Stock Performance

BNS stock traded up $0.67 during trading on Thursday, hitting $48.96. 1,558,245 shares of the company traded hands, compared to its average volume of 1,444,969. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.04 and a quick ratio of 1.04. Bank of Nova Scotia has a 1 year low of $45.26 and a 1 year high of $68.59. The stock’s 50-day simple moving average is $49.59 and its 200 day simple moving average is $50.65. The company has a market cap of $58.66 billion, a PE ratio of 8.69, a P/E/G ratio of 2.18 and a beta of 1.02.

Bank of Nova Scotia (NYSE:BNS – Get Rating) (TSE:BNS) last posted its earnings results on Tuesday, February 28th. The bank reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.52 by ($0.15). The firm had revenue of $5.93 billion during the quarter, compared to analyst estimates of $6.10 billion. Bank of Nova Scotia had a net margin of 17.03% and a return on equity of 15.08%. On average, equities analysts expect that Bank of Nova Scotia will post 5.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on BNS. Canaccord Genuity Group lowered Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research note on Wednesday, March 1st. Barclays cut shares of Bank of Nova Scotia from an “equal weight” rating to an “underweight” rating in a research note on Tuesday, May 9th. Royal Bank of Canada lowered their price objective on Bank of Nova Scotia from $86.00 to $77.00 and set a “sector perform” rating on the stock in a report on Wednesday, March 1st. StockNews.com assumed coverage on Bank of Nova Scotia in a research report on Thursday, May 18th. They issued a “sell” rating on the stock. Finally, Scotiabank cut Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Tuesday, February 28th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. According to MarketBeat, Bank of Nova Scotia presently has an average rating of “Hold” and an average price target of $87.15.

Institutional Trading of Bank of Nova Scotia

Several institutional investors and hedge funds have recently bought and sold shares of BNS. Evergreen Capital Management LLC boosted its position in shares of Bank of Nova Scotia by 8.3% during the fourth quarter. Evergreen Capital Management LLC now owns 7,264 shares of the bank’s stock worth $356,000 after buying an additional 557 shares during the period. Prospera Financial Services Inc increased its stake in Bank of Nova Scotia by 42.9% during the first quarter. Prospera Financial Services Inc now owns 7,025 shares of the bank’s stock worth $354,000 after purchasing an additional 2,108 shares during the period. ExodusPoint Capital Management LP purchased a new stake in Bank of Nova Scotia during the second quarter worth about $278,000. Nwam LLC lifted its position in shares of Bank of Nova Scotia by 10.4% during the first quarter. Nwam LLC now owns 5,428 shares of the bank’s stock worth $273,000 after purchasing an additional 513 shares in the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Bank of Nova Scotia in the first quarter valued at approximately $271,000. 45.19% of the stock is currently owned by hedge funds and other institutional investors.

About Bank of Nova Scotia

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The Bank of Nova Scotia engages in the provision of financial products and services including personal, commercial, corporate, and investment banking. It operates through the following segments: Canadian Banking, International Banking, Global Wealth Management, Global Banking and Markets, and Other. The Other segment includes group treasury and smaller operating segments.