Plato Investment Management Ltd Invests $3.59 Million in Bank of Nova Scotia (The) $BNS

Plato Investment Management Ltd purchased a new stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the 2nd quarter, Holdings Channel.com reports. The fund purchased 41,629 shares of the bank’s stock, valued at approximately $3,590,000.

A number of other hedge funds have also recently added to or reduced their stakes in BNS. Global Retirement Partners LLC acquired a new stake in shares of Bank of Nova Scotia in the second quarter worth approximately $46,000. Alberta Investment Management Corp purchased a new position in Bank of Nova Scotia in the second quarter valued at about $177,193,000. Silverlake Wealth Management LLC acquired a new position in Bank of Nova Scotia during the 2nd quarter worth approximately $619,000. Bank of New York Mellon Corp acquired a new position in shares of Bank of Nova Scotia during the second quarter worth $112,238,000. Finally, Focus Partners Advisor Solutions LLC purchased a new position in Bank of Nova Scotia in the 2nd quarter valued at about $297,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Stock Performance

Shares of NYSE BNS opened at $91.49 on Monday. The stock has a fifty day moving average price of $86.93 and a two-hundred day moving average price of $79.14. The firm has a market cap of $111.51 billion, a P/E ratio of 17.46, a PEG ratio of 1.14 and a beta of 1.11. Bank of Nova Scotia has a 1 year low of $56.54 and a 1 year high of $91.55. 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 (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, topping the consensus estimate of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The firm had revenue of $7.24 billion for the quarter, compared to analysts’ expectations of $7.13 billion. During the same period in the previous year, the business earned $1.52 earnings per share. Bank of Nova Scotia’s revenue for the quarter was up 8.3% compared to the same quarter last year. Research analysts forecast that Bank of Nova Scotia will post 5.98 EPS for the current fiscal year.

Analysts Set New Price Targets

BNS has been the subject of a number of recent analyst reports. Weiss Ratings raised shares of Bank of Nova Scotia from a “buy (b)” rating to a “buy (a-)” rating in a research report on Monday, August 3rd. Royal Bank Of Canada increased their price target 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, May 28th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Bank of Nova Scotia currently has a consensus rating of “Moderate Buy” and an average 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.