Jupiter Asset Management Ltd. Takes $66.53 Million Position in Bank of Nova Scotia (The) $BNS

Jupiter Asset Management Ltd. bought a new stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 900,832 shares of the bank’s stock, valued at approximately $66,527,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BNS. Canerector Inc. increased its stake in shares of Bank of Nova Scotia by 8,899.0% in the third quarter. Canerector Inc. now owns 26,997,000 shares of the bank’s stock valued at $1,745,356,000 after buying an additional 26,697,000 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in shares of Bank of Nova Scotia in the third quarter valued at $138,394,000. Connor Clark & Lunn Investment Management Ltd. increased its position in Bank of Nova Scotia by 30.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,690,883 shares of the bank’s stock worth $497,197,000 after purchasing an additional 1,772,608 shares during the period. Vanguard Group Inc. increased its position in Bank of Nova Scotia by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 57,237,537 shares of the bank’s stock worth $4,221,440,000 after purchasing an additional 1,169,073 shares during the period. Finally, Nicola Wealth Management LTD. increased its position in Bank of Nova Scotia by 163.2% in the fourth quarter. Nicola Wealth Management LTD. now owns 1,361,500 shares of the bank’s stock worth $100,430,000 after purchasing an additional 844,200 shares during the period. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BNS has been the subject of a number of research reports. Royal Bank Of Canada lifted their price objective on Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a research report on Thursday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. TD Securities reaffirmed a “hold” rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Finally, Canaccord Genuity Group cut shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Bank of Nova Scotia currently has an average rating of “Hold” and an average price target of $117.00.

More Bank of Nova Scotia News

Here are the key news stories impacting Bank of Nova Scotia this week:

• Positive Sentiment: BNS beat Q2 expectations, reporting EPS of $2.02 versus $1.42 expected, with revenue of $7.24 billion also ahead of estimates. The bank said profit rose on stronger interest income and broad-based growth in Canadian banking and wealth management. Reuters article
• Positive Sentiment: The bank raised its dividend after the quarter, signaling confidence in earnings durability and capital strength. WSJ article
• Positive Sentiment: Royal Bank of Canada lifted its price target on Bank of Nova Scotia to $117 from $98, reflecting stronger earnings expectations and still implying meaningful upside. Benzinga reference
• Positive Sentiment: Q2 details were constructive: ROE improved to 13.1%, non-interest income grew strongly in wealth management and capital markets, provisions fell, and CET1 capital remained healthy at 13.3%. Seeking Alpha article
• Neutral Sentiment: Analysts noted the stock is trading at elevated multiples and technical levels, which could limit near-term upside even after the earnings beat. Seeking Alpha article
• Neutral Sentiment: Management flagged a concentration-risk issue after a single-client impaired loan increase, which is worth watching but does not yet appear to outweigh the stronger quarterly fundamentals. Seeking Alpha article

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock opened at $79.82 on Friday. The firm has a market capitalization of $98.11 billion, a P/E ratio of 15.23, a PEG ratio of 1.02 and a beta of 1.13. Bank of Nova Scotia has a 1 year low of $52.44 and a 1 year high of $82.22. The business has a 50-day moving average of $74.49 and a 200-day moving average of $73.32. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68.

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, topping the consensus estimate of $1.42 by $0.05. The company 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 13.22% and a net margin of 13.38%.The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.52 EPS. On average, equities analysts anticipate that Bank of Nova Scotia will post 6.03 EPS for the current year.

About Bank of Nova Scotia

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.