Korea Investment CORP Invests $79.70 Million in Bank of Nova Scotia (The) $BNS

Korea Investment CORP bought a new stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the second quarter, HoldingsChannel.com reports. The fund bought 917,288 shares of the bank’s stock, valued at approximately $79,700,000.

A number of other institutional investors have also recently added to or reduced their stakes in the business. EP Wealth Advisors LLC acquired a new stake in Bank of Nova Scotia in the 2nd quarter valued at $1,146,000. Ieq Capital LLC acquired a new position in shares of Bank of Nova Scotia during the second quarter worth about $2,111,000. OneAscent Family Office LLC purchased a new stake in shares of Bank of Nova Scotia in the second quarter worth about $269,000. Allworth Financial LP purchased a new stake in shares of Bank of Nova Scotia in the second quarter worth about $96,000. Finally, Greenspring Advisors LLC acquired a new stake in shares of Bank of Nova Scotia in the second quarter valued at about $328,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on BNS shares. Weiss Ratings downgraded Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday. Royal Bank Of Canada upped their price target on Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a report on Thursday, May 28th. Finally, Keefe, Bruyette & Woods started coverage on shares of Bank of Nova Scotia in a research note on Friday. They set an “outperform” rating on the stock. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $117.00.

Bank of Nova Scotia Stock Up 1.3%

Shares of NYSE BNS opened at $87.56 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04. Bank of Nova Scotia has a 1 year low of $56.55 and a 1 year high of $92.04. The stock’s 50-day simple moving average is $87.58 and its 200-day simple moving average is $79.57. The firm has a market cap of $106.72 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 1.08 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data 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. The firm had revenue of $7.24 billion during the quarter, compared to analyst estimates of $7.13 billion. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.Bank of Nova Scotia’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.52 EPS. As a group, equities analysts anticipate 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.