Bank of Nova Scotia (The) $BNS Shares Sold by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd reduced its stake in Bank of Nova Scotia by **50.4%**, selling 7,207 shares, leaving them with 7,089 shares valued at **$392,000**.
• Analysts have a consensus rating of **"Moderate Buy"** for the stock, with an average target price of **$86.00**.
• Bank of Nova Scotia reported **$1.37 earnings per share** for its last quarter, exceeding estimates, but its revenue of $6.85 billion was below the anticipated $9.29 billion.

Bayforest Capital Ltd cut its position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 50.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,089 shares of the bank's stock after selling 7,207 shares during the period. Bayforest Capital Ltd's holdings in Bank of Nova Scotia were worth $392,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. MAI Capital Management boosted its stake in shares of Bank of Nova Scotia by 40.7% in the first quarter. MAI Capital Management now owns 1,211 shares of the bank's stock worth $57,000 after buying an additional 350 shares during the last quarter. SVB Wealth LLC purchased a new stake in shares of Bank of Nova Scotia in the first quarter worth about $69,000. North Capital Inc. purchased a new stake in shares of Bank of Nova Scotia in the first quarter worth about $81,000. CWM LLC boosted its stake in shares of Bank of Nova Scotia by 15.8% in the second quarter. CWM LLC now owns 2,084 shares of the bank's stock worth $115,000 after buying an additional 285 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Bank of Nova Scotia by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,343 shares of the bank's stock worth $159,000 after buying an additional 336 shares during the last quarter. Hedge funds and other institutional investors own 49.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BNS shares. Weiss Ratings restated a "buy (b-)" rating on shares of Bank of Nova Scotia in a research note on Wednesday, October 8th. Royal Bank Of Canada upped their target price on Bank of Nova Scotia from $80.00 to $86.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 27th. Finally, Wall Street Zen upgraded Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $86.00.

Bank of Nova Scotia Stock Performance

Shares of BNS stock opened at $64.47 on Thursday. The company has a market capitalization of $79.98 billion, a P/E ratio of 17.33, a P/E/G ratio of 1.47 and a beta of 1.16. The business's 50 day moving average is $61.98 and its two-hundred day moving average is $55.49. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.66. Bank of Nova Scotia has a 12-month low of $44.09 and a 12-month high of $65.52.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued its quarterly earnings results on Tuesday, August 26th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.28 by $0.09. The company had revenue of $6.85 billion for 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%.Bank of Nova Scotia's revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.63 earnings per share. Analysts expect that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Bank of Nova Scotia Company 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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