Cumberland Partners Ltd Purchases 260,759 Shares of Bank of Nova Scotia (The) $BNS

Cumberland Partners Ltd raised its position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 89.3% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 552,819 shares of the bank’s stock after acquiring an additional 260,759 shares during the period. Bank of Nova Scotia comprises 2.5% of Cumberland Partners Ltd’s portfolio, making the stock its 13th biggest position. Cumberland Partners Ltd’s holdings in Bank of Nova Scotia were worth $40,796,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mondrian Investment Partners LTD bought a new stake in shares of Bank of Nova Scotia during the 3rd quarter worth approximately $30,000. Quarry LP bought a new stake in shares of Bank of Nova Scotia during the 3rd quarter worth approximately $35,000. Virtus Advisers LLC bought a new stake in shares of Bank of Nova Scotia during the 3rd quarter worth approximately $39,000. Nisa Investment Advisors LLC bought a new stake in shares of Bank of Nova Scotia during the 4th quarter worth approximately $50,000. Finally, Fifth Third Bancorp raised its stake in shares of Bank of Nova Scotia by 79.2% during the 4th quarter. Fifth Third Bancorp now owns 688 shares of the bank’s stock worth $51,000 after purchasing an additional 304 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Up 0.4%

BNS opened at $79.79 on Friday. Bank of Nova Scotia has a 1-year low of $51.00 and a 1-year high of $80.02. The stock’s fifty day simple moving average is $73.65 and its 200 day simple moving average is $72.87. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68. The stock has a market cap of $98.06 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.06. Bank of Nova Scotia had a return on equity of 12.49% and a net margin of 12.40%.The business had revenue of $7.40 billion for the quarter, compared to analysts’ expectations of $6.99 billion. During the same quarter in the prior year, the business earned $1.76 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. As a group, research analysts expect that Bank of Nova Scotia will post 6.03 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on BNS. Canaccord Genuity Group cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. TD Securities reiterated a “hold” rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. 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, Royal Bank Of Canada upped their price objective on Bank of Nova Scotia from $97.00 to $106.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 25th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $106.00.

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.