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

Investment Management Corp of Ontario increased its position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 55.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 300,178 shares of the bank’s stock after buying an additional 107,406 shares during the period. Investment Management Corp of Ontario’s holdings in Bank of Nova Scotia were worth $22,120,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Prospera Financial Services Inc lifted its position in shares of Bank of Nova Scotia by 3.9% during the 4th quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank’s stock valued at $341,000 after acquiring an additional 173 shares during the period. EverSource Wealth Advisors LLC increased its stake in Bank of Nova Scotia by 9.6% in the third quarter. EverSource Wealth Advisors LLC now owns 2,373 shares of the bank’s stock valued at $153,000 after purchasing an additional 208 shares in the last quarter. Fiera Capital Corp increased its stake in Bank of Nova Scotia by 0.5% in the third quarter. Fiera Capital Corp now owns 45,482 shares of the bank’s stock valued at $2,940,000 after purchasing an additional 213 shares in the last quarter. Larson Financial Group LLC increased its stake in Bank of Nova Scotia by 22.3% in the fourth quarter. Larson Financial Group LLC now owns 1,280 shares of the bank’s stock valued at $94,000 after purchasing an additional 233 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Bank of Nova Scotia by 8.1% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,193 shares of the bank’s stock valued at $235,000 after purchasing an additional 239 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Up 1.0%

BNS stock opened at $86.37 on Thursday. Bank of Nova Scotia has a twelve month low of $53.74 and a twelve month high of $87.08. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. The stock’s 50 day moving average is $78.09 and its 200-day moving average is $74.77. 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.

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 for the quarter, beating analysts’ consensus estimates of $1.42 by $0.05. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The company had revenue of $7.24 billion for the quarter, compared to analyst estimates of $7.13 billion. During the same quarter last year, the company earned $1.52 earnings per share. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. Sell-side analysts expect that Bank of Nova Scotia will post 6.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. Royal Bank Of Canada raised 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. Canaccord Genuity Group lowered Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. Finally, TD Securities reaffirmed a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Two equities 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, the stock currently has a consensus rating of “Hold” and an average price target of $117.00.

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.