Korea Investment CORP Sells 79,730 Shares of Bank of Nova Scotia (The) $BNS

Korea Investment CORP reduced its position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 9.1% during the third quarter, Holdings Channel.com reports. The institutional investor owned 800,578 shares of the bank’s stock after selling 79,730 shares during the period. Korea Investment CORP’s holdings in Bank of Nova Scotia were worth $51,778,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mondrian Investment Partners LTD purchased a new position in Bank of Nova Scotia during the 3rd quarter valued at approximately $30,000. Smartleaf Asset Management LLC raised its holdings in shares of Bank of Nova Scotia by 3,304.3% during the 3rd quarter. Smartleaf Asset Management LLC now owns 783 shares of the bank’s stock worth $51,000 after acquiring an additional 760 shares in the last quarter. VSM Wealth Advisory LLC bought a new position in shares of Bank of Nova Scotia during the 2nd quarter valued at approximately $55,000. Toth Financial Advisory Corp bought a new position in shares of Bank of Nova Scotia during the 3rd quarter valued at approximately $67,000. Finally, MAI Capital Management grew its holdings in shares of Bank of Nova Scotia by 27.4% in the second quarter. MAI Capital Management now owns 1,543 shares of the bank’s stock valued at $85,000 after purchasing an additional 332 shares in the last quarter. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Price Performance

BNS opened at $72.14 on Monday. The business has a fifty day moving average of $74.74 and a 200 day moving average of $69.27. The stock has a market cap of $88.93 billion, a P/E ratio of 15.00, a PEG ratio of 0.87 and a beta of 1.10. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.68. Bank of Nova Scotia has a 52-week low of $44.09 and a 52-week high of $78.28.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.06. The business had revenue of $7.40 billion during the quarter, compared to the consensus estimate of $6.99 billion. Bank of Nova Scotia had a return on equity of 12.49% and a net margin of 12.40%.The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $1.76 earnings per share. As a group, sell-side analysts anticipate that Bank of Nova Scotia will post 4.91 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on BNS. Weiss Ratings upgraded shares of Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a research report on Wednesday, February 25th. Royal Bank Of Canada increased their price objective on shares of Bank of Nova Scotia from $97.00 to $106.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 25th. Raymond James Financial began coverage on shares of Bank of Nova Scotia in a research note on Tuesday, November 25th. They issued an “outperform” rating for the company. Finally, TD Securities restated a “hold” rating on shares of Bank of Nova Scotia in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $106.00.

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.