Addenda Capital Inc. Sells 19,234 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• Addenda Capital Inc. has reduced its stake in the Bank of Nova Scotia by 1.9%, selling 19,234 shares, and now owns approximately 0.08% of the bank, valued at $53.5 million.
• Recent analyst reports show the Bank of Nova Scotia's rating has shifted from a "sell" to a "hold", with a new price target of $86.00.
• The bank reported earnings of $1.37 per share for the last quarter, surpassing expectations of $1.28, while experiencing a revenue increase of 13.4% year-over-year.

Addenda Capital Inc. reduced its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 1.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 967,921 shares of the bank's stock after selling 19,234 shares during the period. Bank of Nova Scotia makes up approximately 2.4% of Addenda Capital Inc.'s portfolio, making the stock its 10th biggest holding. Addenda Capital Inc. owned 0.08% of Bank of Nova Scotia worth $53,497,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BNS. Compagnie Lombard Odier SCmA acquired a new stake in Bank of Nova Scotia during the 1st quarter worth about $52,000. Independence Bank of Kentucky grew its position in Bank of Nova Scotia by 38.4% during the 1st quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock worth $56,000 after purchasing an additional 326 shares during the period. MAI Capital Management grew its position in Bank of Nova Scotia by 40.7% during the 1st quarter. MAI Capital Management now owns 1,211 shares of the bank's stock worth $57,000 after purchasing an additional 350 shares during the period. SVB Wealth LLC acquired a new stake in Bank of Nova Scotia during the 1st quarter worth about $69,000. Finally, North Capital Inc. purchased a new stake in shares of Bank of Nova Scotia during the 1st quarter worth about $81,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

BNS has been the topic of several recent analyst reports. Wall Street Zen raised shares of Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. Royal Bank Of Canada raised their price target on shares of 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. Four 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, the company presently has a consensus rating of "Hold" and an average target price of $86.00.

Bank of Nova Scotia Stock Up 0.0%

Shares of NYSE BNS opened at $64.38 on Friday. The company has a 50 day simple moving average of $59.82 and a 200-day simple moving average of $54.08. The company has a market capitalization of $79.88 billion, a P/E ratio of 17.31, a P/E/G 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 1 year low of $44.09 and a 1 year high of $65.19.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings results on Tuesday, August 26th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.28 by $0.09. Bank of Nova Scotia had a net margin of 9.74% and a return on equity of 11.61%. The business had revenue of $6.85 billion during the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter last year, the firm earned $1.63 EPS. The business's revenue was up 13.4% compared to the same quarter last year. On average, equities research analysts predict that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Bank of Nova Scotia Company Profile

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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