Bank of Nova Scotia (The) $BNS Shares Bought by Canerector Inc.

Canerector Inc. grew its holdings in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 8,899.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,997,000 shares of the bank’s stock after acquiring an additional 26,697,000 shares during the period. Bank of Nova Scotia comprises approximately 3.4% of Canerector Inc.’s holdings, making the stock its 8th biggest holding. Canerector Inc. owned about 2.18% of Bank of Nova Scotia worth $1,745,356,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in BNS. Picton Mahoney Asset Management purchased a new position in Bank of Nova Scotia in the third quarter valued at about $13,615,000. 111 Capital purchased a new stake in shares of Bank of Nova Scotia during the 3rd quarter valued at about $1,688,000. Aviso Financial Inc. lifted its position in Bank of Nova Scotia by 3.2% during the 3rd quarter. Aviso Financial Inc. now owns 286,820 shares of the bank’s stock worth $18,549,000 after acquiring an additional 8,841 shares in the last quarter. American Century Companies Inc. boosted its holdings in Bank of Nova Scotia by 16.7% in the 3rd quarter. American Century Companies Inc. now owns 450,859 shares of the bank’s stock worth $29,153,000 after acquiring an additional 64,575 shares during the period. Finally, AlphaCore Capital LLC grew its position in Bank of Nova Scotia by 2,995.9% in the third quarter. AlphaCore Capital LLC now owns 4,489 shares of the bank’s stock valued at $290,000 after acquiring an additional 4,344 shares in the last quarter. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Performance

BNS stock opened at $73.49 on Wednesday. The stock’s 50 day simple moving average is $74.80 and its 200 day simple moving average is $68.92. Bank of Nova Scotia has a 12-month low of $44.09 and a 12-month high of $78.28. The firm has a market cap of $90.60 billion, a P/E ratio of 15.28, a P/E/G ratio of 0.91 and a beta of 1.10. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.06. Bank of Nova Scotia had a net margin of 12.40% and a return on equity of 12.49%. The firm had revenue of $7.40 billion during the quarter, compared to analyst estimates of $6.99 billion. During the same quarter in the previous year, the firm earned $1.76 earnings per share. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, equities research analysts predict that Bank of Nova Scotia will post 4.91 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BNS shares. Royal Bank Of Canada upped their target price on shares of Bank of Nova Scotia from $97.00 to $106.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 25th. Raymond James Financial initiated coverage on Bank of Nova Scotia in a research report on Tuesday, November 25th. They issued an “outperform” rating on the stock. Weiss Ratings upgraded Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a research note on Wednesday, February 25th. Finally, TD Securities restated a “hold” rating on shares of Bank of Nova Scotia in a research note on Tuesday. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $106.00.

About Bank of Nova Scotia

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.