Cardinal Capital Management Inc. Increases Stock Holdings in Bank of Nova Scotia (The) $BNS

Key Points

• Cardinal Capital Management Inc. increased its stake in Bank of Nova Scotia by 0.8% in Q2, owning 2,078,609 shares valued at approximately $114.9 million.
• Goldman Sachs and Canada Pension Plan Investment Board boosted their holdings in Bank of Nova Scotia by 255.9% and 141.1% in Q1, respectively.
• Despite reporting a quarterly EPS of $1.37, beating estimates, Bank of Nova Scotia's revenue fell short at $6.85 billion against expectations of $9.29 billion.

Cardinal Capital Management Inc. lifted its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 0.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,078,609 shares of the bank's stock after buying an additional 17,353 shares during the period. Bank of Nova Scotia makes up approximately 3.6% of Cardinal Capital Management Inc.'s investment portfolio, making the stock its 11th biggest holding. Cardinal Capital Management Inc. owned 0.17% of Bank of Nova Scotia worth $114,901,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its stake in shares of Bank of Nova Scotia by 255.9% during the first quarter. Goldman Sachs Group Inc. now owns 10,174,780 shares of the bank's stock worth $482,590,000 after buying an additional 7,315,915 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Bank of Nova Scotia by 141.1% in the 1st quarter. Canada Pension Plan Investment Board now owns 8,364,411 shares of the bank's stock worth $396,650,000 after buying an additional 4,894,754 shares during the period. Murchinson Ltd. acquired a new stake in Bank of Nova Scotia in the 1st quarter valued at $203,953,000. Nicola Wealth Management LTD. acquired a new stake in Bank of Nova Scotia during the 1st quarter valued at approximately $109,092,000. Finally, Vanguard Group Inc. boosted its holdings in Bank of Nova Scotia by 3.5% in the first quarter. Vanguard Group Inc. now owns 53,184,171 shares of the bank's stock worth $2,521,621,000 after purchasing an additional 1,821,025 shares during the period. Hedge funds and other institutional investors own 49.13% of the company's stock.

Wall Street Analysts Forecast Growth

BNS has been the subject of a number of recent analyst reports. Royal Bank Of Canada increased their price objective on Bank of Nova Scotia from $80.00 to $86.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 27th. Wall Street Zen upgraded Bank of Nova Scotia from a "sell" rating to a "hold" rating in a 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $86.00.

Bank of Nova Scotia Stock Down 0.7%

Bank of Nova Scotia stock traded down $0.48 during midday trading on Monday, reaching $64.45. The stock had a trading volume of 2,562,451 shares, compared to its average volume of 1,984,774. The firm's fifty day simple moving average is $58.87 and its 200-day simple moving average is $53.55. Bank of Nova Scotia has a 1-year low of $44.09 and a 1-year high of $65.19. 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 stock has a market capitalization of $79.96 billion, a P/E ratio of 17.33, a price-to-earnings-growth ratio of 1.50 and a beta of 1.16.

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 for the quarter, topping analysts' consensus estimates of $1.28 by $0.09. The company had revenue of $6.85 billion during the quarter, compared to the consensus estimate of $9.29 billion. Bank of Nova Scotia had a return on equity of 11.61% and a net margin of 9.74%.The company's revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.63 earnings per share. As a group, analysts expect that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

About Bank of Nova Scotia

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.