2,040,686 Shares in Bank of Nova Scotia (The) $BNS Bought by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp acquired 2,040,686 Bank of Nova Scotia shares worth approximately $177.2 million, making BNS its seventh-largest portfolio holding and representing about 0.17% of the bank.
• Bank of Nova Scotia reported quarterly revenue of $7.24 billion and adjusted earnings of $1.47 per share, exceeding analyst estimates, while revenue increased 8.3% year over year.
• Analysts maintain a generally positive view, with the stock holding a “Moderate Buy” consensus rating and an average price target of $117, compared with a recent share price near $91.49.

Alberta Investment Management Corp purchased a new position in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,040,686 shares of the bank's stock, valued at approximately $177,193,000. Bank of Nova Scotia makes up 1.0% of Alberta Investment Management Corp's investment portfolio, making the stock its 7th biggest position. Alberta Investment Management Corp owned approximately 0.17% of Bank of Nova Scotia at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Maseco LLP acquired a new stake in shares of Bank of Nova Scotia in the first quarter valued at about $30,000. Swiss RE Ltd. purchased a new stake in shares of Bank of Nova Scotia during the fourth quarter worth $30,000. Brown Brothers Harriman & Co. acquired a new stake in Bank of Nova Scotia in the 4th quarter valued at about $34,000. Quarry LP acquired a new stake in shares of Bank of Nova Scotia in the third quarter valued at approximately $35,000. Finally, CoreCap Advisors LLC increased its stake in shares of Bank of Nova Scotia by 1,366.7% in the 2nd quarter. CoreCap Advisors LLC now owns 440 shares of the bank's stock worth $38,000 after acquiring an additional 410 shares during the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Stock Performance

Shares of Bank of Nova Scotia stock opened at $91.49 on Monday. 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 $56.54 and a 52 week high of $91.55. The firm's 50 day moving average is $86.93 and its two-hundred day moving average is $79.14. The firm has a market capitalization of $111.51 billion, a P/E ratio of 17.46, a P/E/G ratio of 1.14 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The business had revenue of $7.24 billion during the quarter, compared to the consensus estimate of $7.13 billion. During the same quarter in the previous year, the firm earned $1.52 EPS. The company's revenue was up 8.3% compared to the same quarter last year. Research analysts forecast that Bank of Nova Scotia will post 5.98 EPS for the current fiscal year.

Analyst Ratings Changes

BNS has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of Bank of Nova Scotia from a "buy (b)" rating to a "buy (a-)" rating in a research report on Monday, August 3rd. Royal Bank Of Canada lifted 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. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of Nova Scotia presently has an average rating of "Moderate Buy" and an average target price of $117.00.

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.

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