Connor Clark & Lunn Investment Management Ltd. Takes $567.28 Million Position in Bank of Nova Scotia (The) $BNS

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,543,050 shares of the bank’s stock, valued at approximately $567,278,000. Bank of Nova Scotia accounts for approximately 1.1% of Connor Clark & Lunn Investment Management Ltd.’s portfolio, making the stock its 20th largest holding. Connor Clark & Lunn Investment Management Ltd. owned 0.54% of Bank of Nova Scotia at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Maseco LLP purchased a new position in Bank of Nova Scotia in the 1st quarter worth approximately $30,000. Swiss RE Ltd. purchased a new stake in Bank of Nova Scotia during the 4th quarter valued at approximately $30,000. Brown Brothers Harriman & Co. bought a new stake in shares of Bank of Nova Scotia during the fourth quarter valued at approximately $34,000. Quarry LP bought a new stake in shares of Bank of Nova Scotia during the third quarter valued at approximately $35,000. Finally, CoreCap Advisors LLC lifted its holdings 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 worth $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.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BNS. Royal Bank Of Canada raised their target price 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. Keefe, Bruyette & Woods assumed coverage on shares of Bank of Nova Scotia in a research note on Friday. They issued an “outperform” rating on the stock. Finally, Weiss Ratings downgraded shares of Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, August 18th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Bank of Nova Scotia has an average rating of “Moderate Buy” and a consensus price target of $117.00.

Bank of Nova Scotia Price Performance

Shares of Bank of Nova Scotia stock opened at $87.56 on Monday. The stock has a market cap of $106.72 billion, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 1.08 and a beta of 1.11. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a 50 day moving average price of $87.58 and a 200-day moving average price of $79.60. Bank of Nova Scotia has a one year low of $56.55 and a one year high of $92.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, beating the consensus estimate of $1.42 by $0.05. The company had revenue of $7.24 billion for 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.52 EPS. Equities analysts expect that Bank of Nova Scotia will post 6.03 EPS for the current 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.