Bank of Nova Scotia (The) $BNS Holdings Increased by Hillsdale Investment Management Inc.

Key Points

• Hillsdale Investment Management increased its stake in Bank of Nova Scotia by 12.1% in the first quarter, adding 139,371 shares to reach 1,293,232 shares worth about $89.7 million.
• Other institutional investors also bought in, and 49.13% of BNS shares are owned by institutions and hedge funds, indicating significant professional investor interest.
• Analysts are mixed but generally cautious: the stock has a consensus rating of Hold with a $117 price target, while the bank recently beat quarterly EPS and revenue estimates.

Hillsdale Investment Management Inc. boosted its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 12.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,293,232 shares of the bank's stock after acquiring an additional 139,371 shares during the quarter. Bank of Nova Scotia accounts for 2.4% of Hillsdale Investment Management Inc.'s holdings, making the stock its 4th largest position. Hillsdale Investment Management Inc. owned approximately 0.11% of Bank of Nova Scotia worth $89,661,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Maseco LLP acquired a new stake in shares of Bank of Nova Scotia during the 1st quarter worth approximately $30,000. Swiss RE Ltd. acquired a new position in shares of Bank of Nova Scotia in the 4th quarter valued at $30,000. Brown Brothers Harriman & Co. purchased a new stake in Bank of Nova Scotia during the fourth quarter worth $34,000. Quarry LP purchased a new stake in Bank of Nova Scotia during the third quarter worth $35,000. Finally, Virtus Advisers LLC acquired a new stake in Bank of Nova Scotia during the third quarter valued at $39,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BNS shares. Royal Bank Of Canada upped their price objective 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 equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $117.00.

Bank of Nova Scotia Trading Up 0.5%

BNS stock opened at $87.99 on Tuesday. Bank of Nova Scotia has a 12-month low of $54.31 and a 12-month high of $88.17. 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 business's 50-day moving average is $82.30 and its 200 day moving average is $76.64. The stock has a market cap of $107.78 billion, a price-to-earnings ratio of 16.79, a PEG ratio of 1.08 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued its earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, beating analysts' consensus estimates of $1.42 by $0.05. The business had revenue of $7.24 billion during the quarter, compared to analysts' expectations of $7.13 billion. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The company's quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the business earned $1.52 earnings per share. On average, sell-side analysts anticipate that Bank of Nova Scotia will post 6.01 EPS for the current fiscal year.

Bank of Nova Scotia Company 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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