JPMorgan Chase & Co. lessened its holdings in Bank of Nova Scotia (The) (NYSE:BNS – Free Report) (TSE:BNS) by 9.3% during the fourth quarter, HoldingsChannel reports. The fund owned 5,983,525 shares of the bank’s stock after selling 612,088 shares during the quarter. JPMorgan Chase & Co.’s holdings in Bank of Nova Scotia were worth $440,926,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Mondrian Investment Partners LTD bought a new stake in Bank of Nova Scotia in the 3rd quarter worth about $30,000. Quarry LP bought a new stake in Bank of Nova Scotia in the 3rd quarter worth about $35,000. Virtus Advisers LLC bought a new stake in Bank of Nova Scotia in the 3rd quarter worth about $39,000. Newbridge Financial Services Group Inc. bought a new stake in Bank of Nova Scotia in the 3rd quarter worth about $45,000. Finally, Allworth Financial LP grew its position in Bank of Nova Scotia by 122.0% in the 3rd quarter. Allworth Financial LP now owns 715 shares of the bank’s stock worth $46,000 after purchasing an additional 393 shares in the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada upped their price objective on shares of 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of Nova Scotia in a research report on Friday, May 22nd. TD Securities reaffirmed a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Finally, Canaccord Genuity Group downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $117.00.
Bank of Nova Scotia Stock Down 0.1%
Bank of Nova Scotia stock opened at $81.65 on Thursday. Bank of Nova Scotia has a twelve month low of $53.72 and a twelve month high of $82.22. The firm has a 50 day moving average price of $76.63 and a 200-day moving average price of $74.18. The company has a market capitalization of $100.02 billion, a P/E ratio of 15.58, a P/E/G ratio of 1.00 and a beta of 1.12. 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 (NYSE:BNS – Get Free Report) (TSE:BNS) last released its earnings results 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. 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 during the quarter, compared to the consensus estimate of $7.13 billion. During the same period in the prior year, the firm earned $1.52 EPS. The company’s revenue was up 8.3% compared to the same quarter last year. As a group, equities analysts predict that Bank of Nova Scotia will post 6.05 EPS for the current year.
Bank of Nova Scotia Company 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.
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