The Manufacturers Life Insurance Company Purchases New Position in Bank of Nova Scotia (The) $BNS

The Manufacturers Life Insurance Company acquired a new position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 4,800,235 shares of the bank’s stock, valued at approximately $416,397,000.

Several other institutional investors have also modified their holdings of BNS. Maseco LLP purchased a new position in shares of Bank of Nova Scotia in the 1st quarter valued at $30,000. Swiss RE Ltd. acquired a new position in Bank of Nova Scotia in the fourth quarter valued at $30,000. Brown Brothers Harriman & Co. purchased a new position in shares of Bank of Nova Scotia during the fourth quarter worth about $34,000. Quarry LP purchased a new position in shares of Bank of Nova Scotia during the third quarter worth about $35,000. Finally, CoreCap Advisors LLC increased its position in shares of Bank of Nova Scotia by 1,366.7% during the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank’s stock worth $38,000 after purchasing an additional 410 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BNS. Royal Bank Of Canada boosted their target price on Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a report on Thursday, May 28th. Weiss Ratings downgraded Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, August 18th. Finally, Keefe, Bruyette & Woods started coverage on Bank of Nova Scotia in a research report on Friday. They set an “outperform” rating on the stock. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $117.00.

Bank of Nova Scotia Stock Performance

NYSE BNS opened at $86.82 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. Bank of Nova Scotia has a 52-week low of $57.23 and a 52-week high of $92.04. The business’s 50-day moving average price is $87.62 and its 200 day moving average price is $79.69. The firm has a market cap of $105.82 billion, a P/E ratio of 16.57, a P/E/G ratio of 1.08 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.05. The firm had revenue of $7.24 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.52 EPS. On average, equities research analysts expect that Bank of Nova Scotia will post 6.03 earnings per share 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.