Bayforest Capital Ltd Raises 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 grew its stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 2,005.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 reporting period.

A number of other institutional investors have also recently made changes to their positions in BNS. Compagnie Lombard Odier SCmA bought a new position in shares of Bank of Nova Scotia in the 1st quarter worth $52,000. Independence Bank of Kentucky increased its holdings in shares of Bank of Nova Scotia by 38.4% in the 1st quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock worth $56,000 after buying an additional 326 shares during the last quarter. MAI Capital Management increased its holdings in shares of Bank of Nova Scotia by 40.7% in the 1st 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 bought a new stake in Bank of Nova Scotia during the first quarter worth about $69,000. Finally, North Capital Inc. bought a new stake in Bank of Nova Scotia during the first quarter worth about $81,000. Institutional investors own 49.13% of the company's stock.

Analysts Set New Price Targets

BNS has been the subject of several research analyst reports. Royal Bank Of Canada lifted 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 note on Wednesday, August 27th. Wall Street Zen raised Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research note 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 MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $86.00.

Bank of Nova Scotia Trading Down 1.4%

BNS stock traded down $0.89 during trading on Friday, hitting $63.39. 1,335,582 shares of the company traded hands, compared to its average volume of 1,993,963. The firm has a market capitalization of $78.65 billion, a PE ratio of 17.04, a P/E/G ratio of 1.47 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 50-day moving average of $57.73 and a 200-day moving average of $52.86. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued 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. The company had revenue of $6.85 billion during the quarter, compared to analysts' expectations 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 quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.63 EPS. Analysts predict that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

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.