Korea Investment CORP Invests $79.70 Million in Bank of Nova Scotia (The) $BNS

Korea Investment CORP acquired a new stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 917,288 shares of the bank’s stock, valued at approximately $79,700,000. Korea Investment CORP owned 0.08% of Bank of Nova Scotia as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of BNS. Prospera Financial Services Inc lifted its stake 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 worth $341,000 after purchasing an additional 173 shares during the period. Larson Financial Group LLC grew its position in shares of 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 during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of 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 during the period. Parallel Advisors LLC increased its stake in Bank of Nova Scotia by 8.5% in the third quarter. Parallel Advisors LLC now owns 3,326 shares of the bank’s stock valued at $215,000 after purchasing an additional 261 shares during the last quarter. Finally, Kathmere Capital Management LLC lifted its position in Bank of Nova Scotia by 8.5% during the first quarter. Kathmere Capital Management LLC now owns 3,579 shares of the bank’s stock worth $248,000 after buying an additional 281 shares during the period. Institutional investors and hedge funds own 49.13% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on BNS. Keefe, Bruyette & Woods initiated coverage on Bank of Nova Scotia in a research note on Friday. They issued an “outperform” rating on the stock. Weiss Ratings downgraded shares of Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday. Finally, Royal Bank Of Canada raised their target price 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. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $117.00.

Bank of Nova Scotia Trading Up 1.3%

Shares of BNS opened at $87.56 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $106.72 billion, a P/E ratio of 16.71, a price-to-earnings-growth ratio of 1.08 and a beta of 1.11. The stock’s fifty day simple moving average is $87.58 and its 200 day simple moving average is $79.57. Bank of Nova Scotia has a twelve month low of $56.55 and a twelve month high of $92.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted 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 during 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 firm’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.52 earnings per share. On average, equities research analysts forecast that Bank of Nova Scotia will post 5.98 earnings per share for the current year.

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.