Ritholtz Wealth Management Raises Stock Holdings in Bank of Nova Scotia (The) $BNS

Ritholtz Wealth Management boosted its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 31.1% in the first quarter, Holdings Channel.com reports. The fund owned 28,421 shares of the bank’s stock after acquiring an additional 6,750 shares during the quarter. Ritholtz Wealth Management’s holdings in Bank of Nova Scotia were worth $1,970,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Bank of Nova Scotia by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 57,237,537 shares of the bank’s stock worth $4,221,440,000 after purchasing an additional 1,169,073 shares during the period. Canerector Inc. boosted its stake in shares of Bank of Nova Scotia by 8,899.0% during the third quarter. Canerector Inc. now owns 26,997,000 shares of the bank’s stock valued at $1,745,356,000 after purchasing an additional 26,697,000 shares during the period. TD Asset Management Inc boosted its stake in shares of Bank of Nova Scotia by 1.7% during the fourth quarter. TD Asset Management Inc now owns 18,674,585 shares of the bank’s stock valued at $1,379,120,000 after purchasing an additional 310,564 shares during the period. Norges Bank bought a new position in shares of Bank of Nova Scotia in the fourth quarter worth about $1,368,456,000. Finally, FIL Ltd grew its holdings in shares of Bank of Nova Scotia by 49.5% in the fourth quarter. FIL Ltd now owns 16,489,540 shares of the bank’s stock worth $1,216,157,000 after purchasing an additional 5,461,052 shares during the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

BNS stock opened at $86.32 on Friday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50-day moving average price of $80.01 and a 200 day moving average price of $75.54. The company has a market capitalization of $105.74 billion, a P/E ratio of 16.47, a PEG ratio of 1.07 and a beta of 1.12. Bank of Nova Scotia has a 1-year low of $54.29 and a 1-year high of $87.97.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The company had revenue of $7.24 billion during the quarter, compared to analyst estimates of $7.13 billion. During the same period in the prior year, the firm earned $1.52 earnings per share. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of Nova Scotia will post 6.01 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on BNS shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. TD Securities reaffirmed a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Canaccord Genuity Group downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Royal Bank Of Canada boosted their price target on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a report on Thursday, May 28th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of “Hold” and a consensus target price of $117.00.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada’s largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank’s core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.