Bank of Nova Scotia (The) $BNS is Lincluden Management Ltd.'s 3rd Largest Position

Key Points

• Lincluden Management Ltd. trimmed its stake in Bank of Nova Scotia by 3.9% to 671,166 shares, leaving BNS as its 3rd-largest position (about 5.4% of holdings, ~$49.46M).
• Several large institutions — including Citigroup, Intact, CIBC Asset Management and Connor Clark & Lunn — materially increased positions, and institutional ownership of BNS is about 49.13%.
• Scotiabank beat the quarter with $1.48 EPS vs. $1.42 expected and $7.40B revenue vs. $6.99B, while analysts are mixed overall (average rating "Hold" and average target price of $106).

Lincluden Management Ltd. cut its stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 3.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 671,166 shares of the bank's stock after selling 27,231 shares during the quarter. Bank of Nova Scotia comprises about 5.4% of Lincluden Management Ltd.'s holdings, making the stock its 3rd largest position. Lincluden Management Ltd. owned 0.05% of Bank of Nova Scotia worth $49,458,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Citigroup Inc. grew its position in shares of Bank of Nova Scotia by 55.4% in the third quarter. Citigroup Inc. now owns 1,517,072 shares of the bank's stock valued at $98,118,000 after purchasing an additional 540,526 shares in the last quarter. Intact Investment Management Inc. grew its position in shares of Bank of Nova Scotia by 50.7% in the third quarter. Intact Investment Management Inc. now owns 1,645,842 shares of the bank's stock valued at $106,435,000 after purchasing an additional 553,720 shares in the last quarter. CIBC Asset Management Inc grew its position in shares of Bank of Nova Scotia by 44.3% in the third quarter. CIBC Asset Management Inc now owns 9,800,305 shares of the bank's stock valued at $635,730,000 after purchasing an additional 3,007,407 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Bank of Nova Scotia by 30.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,690,883 shares of the bank's stock valued at $497,197,000 after purchasing an additional 1,772,608 shares in the last quarter. Finally, First National Trust Co grew its position in shares of Bank of Nova Scotia by 54.5% in the third quarter. First National Trust Co now owns 44,415 shares of the bank's stock valued at $2,871,000 after purchasing an additional 15,676 shares in the last quarter. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Bank of Nova Scotia Price Performance

NYSE:BNS opened at $76.67 on Wednesday. The firm has a market capitalization of $94.23 billion, a price-to-earnings ratio of 15.94, a P/E/G ratio of 0.92 and a beta of 1.10. Bank of Nova Scotia has a 52-week low of $49.06 and a 52-week high of $78.28. The stock has a fifty day moving average of $72.64 and a 200 day moving average of $71.47. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.05 and a current ratio of 1.05.

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

Bank of Nova Scotia 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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