Investment Management Corp of Ontario Purchases 107,406 Shares of Bank of Nova Scotia (The) $BNS

Investment Management Corp of Ontario increased its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 55.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 300,178 shares of the bank’s stock after acquiring an additional 107,406 shares during the quarter. Investment Management Corp of Ontario’s holdings in Bank of Nova Scotia were worth $22,120,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of BNS. Canerector Inc. lifted its holdings in Bank of Nova Scotia by 8,899.0% during the third quarter. Canerector Inc. now owns 26,997,000 shares of the bank’s stock worth $1,745,356,000 after acquiring an additional 26,697,000 shares during the period. Norges Bank bought a new stake in Bank of Nova Scotia during the fourth quarter worth $1,368,456,000. FIL Ltd lifted its holdings in Bank of Nova Scotia by 49.5% during the fourth quarter. FIL Ltd now owns 16,489,540 shares of the bank’s stock worth $1,216,157,000 after acquiring an additional 5,461,052 shares during the period. AQR Capital Management LLC lifted its holdings in Bank of Nova Scotia by 3,120.1% during the fourth quarter. AQR Capital Management LLC now owns 3,556,295 shares of the bank’s stock worth $262,284,000 after acquiring an additional 3,445,856 shares during the period. Finally, Zurich Insurance Group Ltd FI bought a new stake in Bank of Nova Scotia during the third quarter worth $138,394,000. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Trading Up 1.0%

NYSE BNS opened at $86.37 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. Bank of Nova Scotia has a twelve month low of $53.74 and a twelve month high of $87.08. The firm has a market capitalization of $105.80 billion, a PE ratio of 16.48, a P/E/G ratio of 1.05 and a beta of 1.12. The stock’s 50 day moving average is $78.09 and its 200 day moving average is $74.77.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.05. The firm had revenue of $7.24 billion for the quarter, compared to the consensus estimate of $7.13 billion. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.52 earnings per share. Research analysts forecast that Bank of Nova Scotia will post 6.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of Nova Scotia in a research report on Friday, May 22nd. Canaccord Genuity Group lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. TD Securities reissued a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Finally, Royal Bank Of Canada boosted their price objective on 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. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of Nova Scotia presently has a consensus rating of “Hold” and a consensus target price of $117.00.

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.