BANK OF NOVA SCOTIA $67.34 - Toronto symbol BNS

BANK OF NOVA SCOTIA $67.34 (Toronto symbol BNS; Shares outstanding: 1.2 billion; Market cap: $81.7 billion; TSINetwork Rating: Above Average; Dividend yield: 3.9%, www.scotiabank.com) may be planning to sell its 35 bank branches and related operations in Puerto Rico. That’s because the island’s sluggish economy and high unemployment continue to hurt loan demand.

Selling this business could raise $600 million U.S., which is equal to 1.0% of Bank of Nova Scotia’s $81.7-billion (Canadian) market cap (or the value of all of its outstanding shares).

The bank would probably invest the proceeds from the sale of the Puerto Rican assets in more promising areas of Latin America, such as Chile and Colombia.

Bank of Nova Scotia is a buy.

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One of the sweetest and most profitable pleasures of successful investing is to buy high-quality “value stocks” (or stocks that are reasonably priced, if not cheap, in relation to its sales, earnings or assets), then hold on to them as mainstream investors recognize the value and push up the share price.

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