Addenda Capital Inc. Lowers Stake in Bank of Nova Scotia (The) $BNS

Key Points

• Addenda Capital cut its stake in Bank of Nova Scotia by 2.1% in Q4, selling 23,402 shares and holding 1,070,928 shares valued at about $78.9 million (roughly 0.09% of the company), making BNS its 8th-largest position.
• Scotiabank beat expectations for the quarter with $1.48 EPS versus $1.42 expected and revenue of $7.40 billion versus $6.99 billion, reporting a 12.49% ROE and a 12.4% net margin.
• The stock carries a consensus "Hold" rating (two Buy, three Hold) with a consensus price target of $106.00, and RBC recently raised its target to $106 while maintaining a "sector perform" rating.

Addenda Capital Inc. cut its holdings in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 2.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,070,928 shares of the bank's stock after selling 23,402 shares during the quarter. Bank of Nova Scotia accounts for approximately 2.9% of Addenda Capital Inc.'s holdings, making the stock its 8th largest position. Addenda Capital Inc. owned approximately 0.09% of Bank of Nova Scotia worth $78,917,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BNS. AQR Capital Management LLC lifted its position in Bank of Nova Scotia by 111.2% in the 1st quarter. AQR Capital Management LLC now owns 19,096 shares of the bank's stock valued at $911,000 after acquiring an additional 10,056 shares in the last quarter. Sivia Capital Partners LLC bought a new position in Bank of Nova Scotia in the 2nd quarter valued at approximately $330,000. EverSource Wealth Advisors LLC lifted its position in Bank of Nova Scotia by 42.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,165 shares of the bank's stock valued at $120,000 after acquiring an additional 649 shares in the last quarter. AXA S.A. lifted its holdings in shares of Bank of Nova Scotia by 21.0% during the 2nd quarter. AXA S.A. now owns 467,865 shares of the bank's stock valued at $25,859,000 after buying an additional 81,106 shares during the period. Finally, Sei Investments Co. lifted its holdings in shares of Bank of Nova Scotia by 2.1% during the 2nd quarter. Sei Investments Co. now owns 21,212 shares of the bank's stock valued at $1,172,000 after buying an additional 434 shares during the period. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Price Performance

Shares of Bank of Nova Scotia stock opened at $71.31 on Thursday. Bank of Nova Scotia has a one year low of $44.09 and a one year high of $78.28. The stock's fifty day moving average is $72.89 and its 200 day moving average is $70.37. The stock has a market cap of $87.82 billion, a P/E ratio of 14.83, a P/E/G ratio of 0.85 and a beta of 1.10. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.05 and a current ratio of 1.05.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its quarterly earnings results on Tuesday, February 24th. The bank reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.42 by $0.06. The business had revenue of $7.40 billion for the quarter, compared to analysts' expectations 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 quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the firm earned $1.76 earnings per share. Sell-side analysts anticipate that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on BNS. TD Securities reissued a "hold" rating on shares of Bank of Nova Scotia in a report on Tuesday, March 3rd. Canaccord Genuity Group cut Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a report on Monday, March 9th. Weiss Ratings raised Bank of Nova Scotia from a "hold (c+)" rating to a "buy (b)" rating in a report on Wednesday, February 25th. Finally, Royal Bank Of Canada increased their price target on Bank of Nova Scotia from $97.00 to $106.00 and gave the company a "sector perform" rating in a report on Wednesday, February 25th. Two equities research 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 currently has an average rating of "Hold" and a consensus price target of $106.00.

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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