Bank of Nova Scotia (The) $BNS Shares Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon Corp raised its stake in Bank of Nova Scotia by 3.8% in Q2 to 1,200,107 shares (about $66.33M), and institutional investors now own 49.13% of the stock, with large position increases reported from Vanguard, 1832 Asset Management, Mackenzie and Goldman Sachs.
• Q2 results mixed: BNS posted EPS of $1.37, beating estimates by $0.09, but revenue missed at $6.85B versus $9.29B expected; the stock trades near its 1-year high (~$66.66) with a market cap of ~$82.5B and a P/E of 17.9.
• Analyst stance: the consensus rating is "Hold" with an average price target of $86.00, and Royal Bank of Canada recently raised its target to $86 with a "sector perform" rating.

Bank of New York Mellon Corp increased its stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 3.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,200,107 shares of the bank's stock after purchasing an additional 44,316 shares during the period. Bank of New York Mellon Corp owned 0.10% of Bank of Nova Scotia worth $66,330,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake 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 valued at $2,521,621,000 after buying an additional 1,821,025 shares during the last quarter. 1832 Asset Management L.P. increased its holdings in shares of Bank of Nova Scotia by 2.1% in the 1st quarter. 1832 Asset Management L.P. now owns 17,717,286 shares of the bank's stock worth $840,331,000 after acquiring an additional 362,572 shares during the period. Mackenzie Financial Corp lifted its position in Bank of Nova Scotia by 2.5% in the 1st quarter. Mackenzie Financial Corp now owns 15,158,112 shares of the bank's stock valued at $718,670,000 after purchasing an additional 374,487 shares during the last quarter. Scotia Capital Inc. boosted its stake in Bank of Nova Scotia by 0.8% during the 1st quarter. Scotia Capital Inc. now owns 14,141,532 shares of the bank's stock valued at $670,495,000 after purchasing an additional 117,272 shares during the period. Finally, Goldman Sachs Group Inc. grew its position in Bank of Nova Scotia by 255.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 10,174,780 shares of the bank's stock worth $482,590,000 after purchasing an additional 7,315,915 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Stock Up 1.2%

Shares of BNS stock opened at $66.66 on Monday. Bank of Nova Scotia has a 1 year low of $44.09 and a 1 year high of $66.70. 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 business's fifty day moving average is $64.43 and its 200-day moving average is $57.87. The stock has a market cap of $82.52 billion, a PE ratio of 17.92, a price-to-earnings-growth ratio of 1.49 and a beta of 1.17.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its earnings results on Tuesday, August 26th. The bank reported $1.37 earnings per share 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 during the quarter, compared to analysts' expectations of $9.29 billion. During the same quarter last year, the business posted $1.63 earnings per share. The company's quarterly revenue was up 13.4% on a year-over-year basis. Equities analysts expect that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BNS has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Bank of Nova Scotia in a report on Wednesday, October 8th. Wall Street Zen upgraded Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. Finally, Royal Bank Of Canada boosted their price target on Bank of Nova Scotia from $80.00 to $86.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 27th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $86.00.

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.

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