Bayforest Capital Ltd Boosts Stock Holdings in Bank of Nova Scotia (The) $BNS

Key Points

• Bayforest Capital Ltd significantly increased its stake in Bank of Nova Scotia by 2,005.4%, acquiring an additional 13,617 shares, bringing its total holdings to 14,296 shares worth approximately $678,000.
• The bank reported $1.37 earnings per share for the most recent quarter, surpassing analysts' expectations of $1.28, while its revenue for the quarter was $6.85 billion, falling short of the $9.29 billion consensus estimate.
• Market analysts have upgraded Bank of Nova Scotia's rating from "sell" to "hold," with a consensus target price of $86.00 and four analysts rating the stock as a Buy.

Bayforest Capital Ltd boosted its position in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 2,005.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,296 shares of the bank's stock after buying an additional 13,617 shares during the period. Bayforest Capital Ltd's holdings in Bank of Nova Scotia were worth $678,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Goldman Sachs Group Inc. boosted its holdings in shares of Bank of Nova Scotia by 255.9% during 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. Canada Pension Plan Investment Board boosted its holdings in shares of Bank of Nova Scotia by 141.1% during the 1st quarter. Canada Pension Plan Investment Board now owns 8,364,411 shares of the bank's stock worth $396,650,000 after purchasing an additional 4,894,754 shares during the last quarter. Murchinson Ltd. acquired a new position in shares of Bank of Nova Scotia during the 1st quarter worth approximately $203,953,000. Vanguard Group Inc. boosted its holdings in shares of Bank of Nova Scotia by 3.5% during the 1st 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 last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of Bank of Nova Scotia during the 4th quarter worth approximately $96,529,000. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Trading Down 1.4%

Bank of Nova Scotia stock traded down $0.89 during mid-day trading on Friday, hitting $63.39. The company's stock had a trading volume of 1,335,582 shares, compared to its average volume of 1,940,702. The firm has a market capitalization of $78.65 billion, a PE ratio of 17.04, a price-to-earnings-growth ratio of 1.48 and a beta of 1.16. Bank of Nova Scotia has a 1 year low of $44.09 and a 1 year high of $64.38. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.66. The stock's fifty day moving average is $57.89 and its two-hundred day moving average is $52.97.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its quarterly earnings results on Tuesday, August 26th. The bank reported $1.37 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $6.85 billion for the quarter, compared to analysts' expectations of $9.29 billion. During the same period in the prior year, the firm earned $1.63 earnings per share. The firm's revenue was up 13.4% compared to the same quarter last year. On average, analysts anticipate that Bank of Nova Scotia will post 4.91 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BNS shares. Royal Bank Of Canada boosted their target price 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 research report on Saturday, August 30th. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $86.00.

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.