Northwestern Mutual Wealth Management Co. Grows Stock Position in Bank of Nova Scotia (The) $BNS

Northwestern Mutual Wealth Management Co. lifted its stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 17,964.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 533,625 shares of the bank’s stock after buying an additional 530,671 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Bank of Nova Scotia were worth $39,323,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BNS. Mondrian Investment Partners LTD purchased a new position in shares of Bank of Nova Scotia in the third quarter worth about $30,000. Quarry LP purchased a new position in shares of Bank of Nova Scotia in the third quarter worth about $35,000. Virtus Advisers LLC purchased a new position in shares of Bank of Nova Scotia in the third quarter worth about $39,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Bank of Nova Scotia in the third quarter worth about $45,000. Finally, Allworth Financial LP increased its holdings in shares of Bank of Nova Scotia by 122.0% in the third quarter. Allworth Financial LP now owns 715 shares of the bank’s stock worth $46,000 after buying an additional 393 shares during the period. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Wall Street Analyst Weigh In

BNS has been the topic of several analyst reports. Royal Bank Of Canada lifted their price objective on Bank of Nova Scotia from $97.00 to $106.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 25th. Weiss Ratings upgraded Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a report on Wednesday, February 25th. Canaccord Genuity Group downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Finally, TD Securities restated a “hold” rating on shares of Bank of Nova Scotia in a report on Tuesday, March 3rd. Two investment 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 presently has a consensus rating of “Hold” and an average target price of $106.00.

Bank of Nova Scotia Stock Up 0.2%

Shares of NYSE:BNS opened at $77.22 on Tuesday. Bank of Nova Scotia has a 1 year low of $51.00 and a 1 year high of $79.00. The company has a market cap of $94.90 billion, a PE ratio of 16.05, a P/E/G ratio of 0.93 and a beta of 1.13. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.05 and a quick ratio of 1.05. The stock’s 50-day moving average is $73.06 and its 200 day moving average is $72.55.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.42 by $0.06. Bank of Nova Scotia had a return on equity of 12.49% and a net margin of 12.40%.The company had revenue of $7.40 billion for the quarter, compared to the consensus estimate of $6.99 billion. During the same quarter in the previous year, the business earned $1.76 EPS. Bank of Nova Scotia’s revenue was up 2.9% compared to the same quarter last year. Sell-side analysts anticipate that Bank of Nova Scotia will post 6.05 EPS for the current year.

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.