Intech Investment Management LLC increased its holdings in Bank of Nova Scotia (The) (NYSE:BNS – Free Report) (TSE:BNS) by 354.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 821,778 shares of the bank’s stock after buying an additional 641,035 shares during the period. Bank of Nova Scotia comprises about 0.5% of Intech Investment Management LLC’s holdings, making the stock its 19th largest position. Intech Investment Management LLC’s holdings in Bank of Nova Scotia were worth $60,688,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Bank of Nova Scotia by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 57,237,537 shares of the bank’s stock worth $4,221,440,000 after buying an additional 1,169,073 shares in the last quarter. Canerector Inc. boosted its position in shares of Bank of Nova Scotia by 8,899.0% in the 3rd quarter. Canerector Inc. now owns 26,997,000 shares of the bank’s stock worth $1,745,356,000 after buying an additional 26,697,000 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Bank of Nova Scotia by 1.3% in the 3rd quarter. TD Asset Management Inc now owns 18,364,021 shares of the bank’s stock worth $1,187,709,000 after buying an additional 229,990 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Bank of Nova Scotia by 7.0% in the 4th quarter. Geode Capital Management LLC now owns 12,259,989 shares of the bank’s stock worth $923,232,000 after buying an additional 799,474 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Bank of Nova Scotia by 5.4% in the 4th quarter. Legal & General Group Plc now owns 8,483,129 shares of the bank’s stock worth $626,478,000 after buying an additional 436,482 shares in the last quarter. 49.13% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
BNS has been the topic of several recent research reports. Weiss Ratings reiterated 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. Royal Bank Of Canada boosted 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. Finally, TD Securities restated a “hold” rating on shares of Bank of Nova Scotia in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $117.00.
Bank of Nova Scotia Price Performance
NYSE:BNS opened at $79.82 on Friday. The firm has a market cap of $98.11 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 1.02 and a beta of 1.13. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68. The company’s 50-day moving average is $74.49 and its two-hundred day moving average is $73.32. Bank of Nova Scotia has a 12-month low of $52.44 and a 12-month high of $82.22.
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 (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 13.38% and a return on equity of 13.22%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.52 EPS. Research analysts expect that Bank of Nova Scotia will post 6.03 EPS for the current year.
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 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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