MQS Management LLC Invests $734,000 in Bank of Nova Scotia (The) $BNS

MQS Management LLC bought a new stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,593 shares of the bank’s stock, valued at approximately $734,000.

Several other institutional investors have also added to or reduced their stakes in the business. Maseco LLP acquired a new position in shares of Bank of Nova Scotia during the first quarter valued at about $30,000. Swiss RE Ltd. acquired a new stake in Bank of Nova Scotia in the 4th quarter worth approximately $30,000. Brown Brothers Harriman & Co. acquired a new stake in Bank of Nova Scotia in the 4th quarter worth approximately $34,000. Quarry LP purchased a new stake in Bank of Nova Scotia during the 3rd quarter worth approximately $35,000. Finally, Virtus Advisers LLC purchased a new stake in Bank of Nova Scotia during the 3rd quarter worth approximately $39,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Up 0.3%

BNS stock opened at $86.89 on Wednesday. The firm’s fifty day simple moving average is $80.45 and its 200-day simple moving average is $75.76. The company has a market capitalization of $106.43 billion, a P/E ratio of 16.58, a price-to-earnings-growth ratio of 1.07 and a beta of 1.12. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.04 and a quick ratio of 1.04. Bank of Nova Scotia has a 12 month low of $54.29 and a 12 month high of $87.97.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $7.13 billion. During the same period in the previous year, the firm posted $1.52 earnings per share. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. As a group, equities research analysts forecast that Bank of Nova Scotia will post 6.01 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BNS shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of Nova Scotia in a report on Friday, May 22nd. Royal Bank Of Canada boosted their price objective on shares of 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. Canaccord Genuity Group downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Finally, TD Securities reaffirmed a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $117.00.

Bank of Nova Scotia 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.