Avanza Fonder AB Increases Position in Bank of Nova Scotia (The) $BNS

Key Points

• Avanza Fonder AB raised its stake in the Bank of Nova Scotia by 11.5%, increasing its holdings to 79,462 shares valued at approximately $4.39 million.
• Goldman Sachs Group Inc. significantly boosted its ownership by 255.9%, obtaining over 10 million shares, reflecting strong institutional interest in the bank.
• Bank of Nova Scotia reported $1.37 EPS for the last quarter, surpassing analysts' expectations by $0.09, despite revenue falling short at $6.85 billion.

Avanza Fonder AB grew its position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 11.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,462 shares of the bank's stock after purchasing an additional 8,169 shares during the period. Avanza Fonder AB's holdings in Bank of Nova Scotia were worth $4,392,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Compagnie Lombard Odier SCmA acquired a new stake in Bank of Nova Scotia during the first quarter worth about $52,000. Independence Bank of Kentucky grew its holdings in Bank of Nova Scotia by 38.4% during the first quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock valued at $56,000 after purchasing an additional 326 shares during the period. MAI Capital Management lifted its position in shares of Bank of Nova Scotia by 40.7% during the first quarter. MAI Capital Management now owns 1,211 shares of the bank's stock worth $57,000 after acquiring an additional 350 shares in the last quarter. SVB Wealth LLC bought a new position in shares of Bank of Nova Scotia in the first quarter worth approximately $69,000. Finally, North Capital Inc. purchased a new stake in Bank of Nova Scotia during the first quarter valued at about $81,000. Institutional investors own 49.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Royal Bank Of Canada upped their price objective on Bank of Nova Scotia from $80.00 to $86.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 27th. Wall Street Zen raised shares of Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $86.00.

Bank of Nova Scotia Stock Performance

BNS traded down $0.48 during midday trading on Monday, reaching $64.45. The company had a trading volume of 2,562,451 shares, compared to its average volume of 1,961,568. Bank of Nova Scotia has a 12-month low of $44.09 and a 12-month high of $65.19. The stock has a market cap of $79.96 billion, a PE ratio of 17.33, a P/E/G ratio of 1.50 and a beta of 1.16. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.03 and a current ratio of 1.03. The business has a 50-day moving average price of $59.07 and a two-hundred day moving average price of $53.66.

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

Bank of Nova Scotia 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.