Abel Hall LLC Makes New Investment in Bank of Nova Scotia (The) $BNS

Key Points

• Abel Hall LLC has made a new investment in the Bank of Nova Scotia, purchasing 6,100 shares valued at approximately $337,000 in the second quarter.
• The Bank reported $1.37 EPS for its latest quarter, exceeding analysts' estimates by $0.09, while its quarterly revenue increased by 13.4% year-over-year.
• Analysts have a consensus rating of "Moderate Buy" for the bank, with an average price target raised to $86.00.

Abel Hall LLC purchased a new position in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,100 shares of the bank's stock, valued at approximately $337,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Compagnie Lombard Odier SCmA bought a new stake in Bank of Nova Scotia during the first quarter worth about $52,000. MAI Capital Management lifted its stake in shares of Bank of Nova Scotia by 40.7% in the 1st quarter. MAI Capital Management now owns 1,211 shares of the bank's stock valued at $57,000 after acquiring an additional 350 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Bank of Nova Scotia in the 1st quarter valued at about $69,000. North Capital Inc. bought a new stake in shares of Bank of Nova Scotia in the 1st quarter valued at about $81,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Bank of Nova Scotia by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,343 shares of the bank's stock valued at $159,000 after acquiring an additional 336 shares during the last quarter. Institutional investors own 49.13% of the company's stock.

Bank of Nova Scotia Trading Down 1.3%

BNS opened at $63.35 on Thursday. The business has a 50 day simple moving average of $61.16 and a two-hundred day simple moving average of $54.95. The firm has a market capitalization of $78.60 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 1.47 and a beta of 1.16. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.03 and a quick ratio of 1.03. Bank of Nova Scotia has a one year low of $44.09 and a one year high of $65.52.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its quarterly earnings results on Tuesday, August 26th. The bank reported $1.37 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.09. The business had revenue of $6.85 billion during the quarter, compared to analyst estimates of $9.29 billion. Bank of Nova Scotia had a return on equity of 11.61% and a net margin of 9.74%.Bank of Nova Scotia's quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.63 EPS. Analysts predict that Bank of Nova Scotia will post 4.91 EPS for the current year.

Analyst Ratings Changes

BNS has been the subject of a number of recent research reports. Royal Bank Of Canada boosted their target price on Bank of Nova Scotia from $80.00 to $86.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 27th. Weiss Ratings reissued a "buy (b-)" rating on shares of Bank of Nova Scotia in a research note on Wednesday. Finally, Wall Street Zen raised Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $86.00.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.

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