Bank of Nova Scotia (The) $BNS Position Lifted by Scheer Rowlett & Associates Investment Management Ltd.

Key Points

• Scheer Rowlett & Associates increased its stake in Bank of Nova Scotia by 2.9% in Q2 to 1,188,376 shares, making the holding about 4.3% of the firm's portfolio and worth roughly $65.8 million.
• Bank of Nova Scotia reported quarterly EPS of $1.37, beating estimates by $0.09, while revenue was $6.85 billion (below the $9.29B estimate) but up 13.4% year-over-year.
• The stock carries a consensus Hold rating with a $86 target; four analysts rate it Buy and five rate it Hold, and recent notes include RBC raising its target to $86 and Weiss reiterating a Buy.

Scheer Rowlett & Associates Investment Management Ltd. grew its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 2.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,188,376 shares of the bank's stock after buying an additional 33,800 shares during the quarter. Bank of Nova Scotia accounts for 4.3% of Scheer Rowlett & Associates Investment Management Ltd.'s portfolio, making the stock its 7th largest position. Scheer Rowlett & Associates Investment Management Ltd. owned about 0.10% of Bank of Nova Scotia worth $65,755,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in BNS. Y Intercept Hong Kong Ltd boosted its stake in shares of Bank of Nova Scotia by 1,439.7% in the second quarter. Y Intercept Hong Kong Ltd now owns 108,750 shares of the bank's stock valued at $6,011,000 after purchasing an additional 101,687 shares during the period. Ritholtz Wealth Management lifted its holdings in Bank of Nova Scotia by 261.9% in the 2nd quarter. Ritholtz Wealth Management now owns 15,811 shares of the bank's stock worth $874,000 after buying an additional 11,442 shares in the last quarter. Bayforest Capital Ltd boosted its position in Bank of Nova Scotia by 2,005.4% in the 1st quarter. Bayforest Capital Ltd now owns 14,296 shares of the bank's stock valued at $678,000 after buying an additional 13,617 shares during the last quarter. Korea Investment CORP grew its stake in shares of Bank of Nova Scotia by 0.5% during the first quarter. Korea Investment CORP now owns 941,286 shares of the bank's stock valued at $44,623,000 after acquiring an additional 5,085 shares in the last quarter. Finally, Avanza Fonder AB increased its position in shares of Bank of Nova Scotia by 11.5% during the second quarter. Avanza Fonder AB now owns 79,462 shares of the bank's stock worth $4,392,000 after acquiring an additional 8,169 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company's stock.

Bank of Nova Scotia Trading Up 1.2%

NYSE:BNS opened at $66.66 on Friday. The company has a market cap of $82.52 billion, a PE ratio of 17.92, a P/E/G ratio of 1.49 and a beta of 1.17. The business's 50 day moving average is $64.43 and its two-hundred day moving average is $57.80. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.66. Bank of Nova Scotia has a 52 week low of $44.09 and a 52 week high of $66.70.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its quarterly 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 business had revenue of $6.85 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period in the prior year, the company posted $1.63 EPS. The business's revenue was up 13.4% compared to the same quarter last year. On average, analysts predict that Bank of Nova Scotia will post 4.91 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on BNS shares. Royal Bank Of Canada increased their price target on Bank of Nova Scotia from $80.00 to $86.00 and gave the company a "sector perform" rating in a report on Wednesday, August 27th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Bank of Nova Scotia in a research note on Wednesday, October 8th. Finally, 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 analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Bank of Nova Scotia has an average rating of "Hold" and a consensus target price of $86.00.

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.

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