Artemis Investment Management LLP Acquires 155,410 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• Artemis Investment Management LLP boosted its stake in Bank of Nova Scotia by 38.7%, buying 155,410 shares to hold 556,645 shares valued at $41,055,000.
• Analyst consensus is a Hold (two Buys, three Holds) with an average price target of $106.00; Royal Bank of Canada recently raised its target to $106.00.
• Scotiabank beat the quarter with $1.48 EPS vs. $1.42 expected and $7.40B revenue vs. $6.99B expected, and the stock has been trading near its 12‑month high around $78.

Artemis Investment Management LLP lifted its position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 38.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 556,645 shares of the bank's stock after purchasing an additional 155,410 shares during the period. Artemis Investment Management LLP's holdings in Bank of Nova Scotia were worth $41,055,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Mondrian Investment Partners LTD bought a new stake in Bank of Nova Scotia during the 3rd quarter valued at about $30,000. Quarry LP purchased a new stake in shares of Bank of Nova Scotia during the third quarter worth $35,000. Virtus Advisers LLC purchased a new position in Bank of Nova Scotia during the third quarter worth about $39,000. Newbridge Financial Services Group Inc. purchased a new position in Bank of Nova Scotia in the third quarter worth approximately $45,000. Finally, Allworth Financial LP increased its holdings in shares of Bank of Nova Scotia by 122.0% in the 3rd quarter. Allworth Financial LP now owns 715 shares of the bank's stock valued at $46,000 after acquiring an additional 393 shares during the period. Institutional investors own 49.13% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on BNS shares. Royal Bank Of Canada raised their price target on shares of Bank of Nova Scotia from $97.00 to $106.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 25th. Weiss Ratings raised Bank of Nova Scotia from a "hold (c+)" rating to a "buy (b)" rating in a research note on Wednesday, February 25th. Canaccord Genuity Group lowered Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a report on Monday, March 9th. Finally, TD Securities restated a "hold" rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $106.00.

Bank of Nova Scotia Stock Performance

BNS stock opened at $78.04 on Friday. The stock's 50 day simple moving average is $72.67 and its 200 day simple moving average is $71.54. The stock has a market capitalization of $95.92 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 0.94 and a beta of 1.13. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68. Bank of Nova Scotia has a 12-month low of $49.85 and a 12-month high of $78.55.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its quarterly earnings results on Tuesday, February 24th. The bank reported $1.48 EPS for the quarter, topping the consensus estimate of $1.42 by $0.06. Bank of Nova Scotia had a return on equity of 12.49% and a net margin of 12.40%.The company had revenue of $7.40 billion during the quarter, compared to analyst estimates of $6.99 billion. During the same quarter last year, the business posted $1.76 earnings per share. The firm's revenue was up 2.9% on a year-over-year basis. As a group, research analysts forecast that Bank of Nova Scotia will post 6.04 earnings per share for the current fiscal 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.

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