Bank of America Corp DE Increases Stock Holdings in Bank of Nova Scotia (The) $BNS

Key Points

• Bank of America increased its Bank of Nova Scotia stake by 8.7% in the first quarter, adding 400,382 shares to own 5.02 million shares valued at approximately $348.3 million.
• Institutional investors hold 49.13% of BNS, with several firms—including AQR Capital Management and Quantinno Capital Management—also raising their positions.
• Bank of Nova Scotia exceeded quarterly earnings and revenue expectations, reporting $1.47 in EPS and $7.24 billion in revenue; analysts’ consensus rating remains “Hold” with a $117 target price.

Bank of America Corp DE boosted its position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 8.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,024,708 shares of the bank's stock after purchasing an additional 400,382 shares during the quarter. Bank of America Corp DE owned about 0.41% of Bank of Nova Scotia worth $348,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in shares of Bank of Nova Scotia by 111.2% during 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 during the last quarter. Sivia Capital Partners LLC purchased a new stake in Bank of Nova Scotia in the second quarter valued at approximately $330,000. EverSource Wealth Advisors LLC lifted its position in Bank of Nova Scotia by 42.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,165 shares of the bank's stock valued at $120,000 after purchasing an additional 649 shares during the last quarter. Sei Investments Co. grew its stake in Bank of Nova Scotia by 2.1% in the 2nd quarter. Sei Investments Co. now owns 21,212 shares of the bank's stock worth $1,172,000 after buying an additional 434 shares in the last quarter. Finally, Quantinno Capital Management LP grew its stake in Bank of Nova Scotia by 61.1% in the 2nd quarter. Quantinno Capital Management LP now owns 66,962 shares of the bank's stock worth $3,701,000 after buying an additional 25,400 shares in the last quarter. Institutional investors own 49.13% of the company's stock.

Bank of Nova Scotia Price Performance

BNS stock opened at $87.80 on Monday. Bank of Nova Scotia has a 12-month low of $55.21 and a 12-month high of $90.47. The stock has a market capitalization of $107.23 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.09 and a beta of 1.11. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69. The firm's 50-day moving average price is $85.15 and its two-hundred day moving average price is $78.06.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, topping analysts' consensus estimates of $1.42 by $0.05. The firm had revenue of $7.24 billion for the quarter, compared to analyst estimates of $7.13 billion. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The business's quarterly revenue was up 8.3% compared to the same quarter last year. During the same period last year, the company earned $1.52 EPS. As a group, equities analysts predict that Bank of Nova Scotia will post 6.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on BNS shares. Royal Bank Of Canada upped their target price on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a "sector perform" rating in a research report on Thursday, May 28th. Weiss Ratings restated a "buy (b)" rating on shares of Bank of Nova Scotia in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $117.00.

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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