Silverlake Wealth Management LLC Invests $619,000 in Bank of Nova Scotia (The) $BNS

Silverlake Wealth Management LLC bought a new stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 7,126 shares of the bank’s stock, valued at approximately $619,000.

Several other institutional investors and hedge funds have also recently modified their holdings of BNS. Swiss RE Ltd. acquired a new position in Bank of Nova Scotia in the 4th quarter worth about $30,000. Maseco LLP purchased a new position in Bank of Nova Scotia during the first quarter worth approximately $30,000. Brown Brothers Harriman & Co. acquired a new stake in Bank of Nova Scotia in the fourth quarter valued at approximately $34,000. Quarry LP acquired a new stake in Bank of Nova Scotia in the third quarter valued at approximately $35,000. Finally, CoreCap Advisors LLC increased its position in shares of Bank of Nova Scotia by 1,366.7% in the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank’s stock valued at $38,000 after buying an additional 410 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BNS shares. Weiss Ratings raised Bank of Nova Scotia from a “buy (b)” rating to a “buy (a-)” rating in a research note on Monday, August 3rd. Royal Bank Of Canada lifted their price target on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $117.00.

Bank of Nova Scotia Stock Up 0.9%

BNS stock opened at $91.49 on Friday. Bank of Nova Scotia has a 52 week low of $56.54 and a 52 week high of $91.55. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. The firm has a 50-day simple moving average of $86.93 and a 200-day simple moving average of $79.12. The stock has a market capitalization of $111.51 billion, a P/E ratio of 17.46, a P/E/G ratio of 1.14 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share 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 firm had revenue of $7.24 billion for the quarter, compared to analyst estimates of $7.13 billion. During the same period last year, the company posted $1.52 EPS. Bank of Nova Scotia’s quarterly revenue was up 8.3% compared to the same quarter last year. Equities analysts forecast that Bank of Nova Scotia will post 5.98 earnings per share for the current fiscal year.

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.