Canada Pension Plan Investment Board Has $396.65 Million Holdings in Bank of Nova Scotia (The) $BNS

Key Points

• The Canada Pension Plan Investment Board increased its stake in Bank of Nova Scotia by 141.1% in Q1, owning approximately 0.67% of the bank, which is valued at $396.65 million.
• Recent analyst changes include a downgrade from "hold" to "sell" by Wall Street Zen, while Royal Bank of Canada raised its price target from $80.00 to $86.00, maintaining a "sector perform" rating.
• Bank of Nova Scotia's stock opened at $62.40 and reported earnings of $1.37 per share for the last quarter, exceeding expectations and showing a 13.4% year-over-year increase in revenue.

Canada Pension Plan Investment Board boosted its stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 141.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,364,411 shares of the bank's stock after purchasing an additional 4,894,754 shares during the quarter. Canada Pension Plan Investment Board owned about 0.67% of Bank of Nova Scotia worth $396,650,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of BNS. Compagnie Lombard Odier SCmA acquired a new stake in Bank of Nova Scotia in the first quarter worth $52,000. Independence Bank of Kentucky grew its holdings in Bank of Nova Scotia by 38.4% in the first quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock worth $56,000 after purchasing an additional 326 shares during the period. SVB Wealth LLC acquired a new stake in Bank of Nova Scotia in the first quarter worth $69,000. North Capital Inc. acquired a new stake in Bank of Nova Scotia in the first quarter worth $81,000. Finally, Dunhill Financial LLC acquired a new stake in Bank of Nova Scotia in the fourth quarter worth $95,000. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Wall Street Zen cut shares of Bank of Nova Scotia from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Royal Bank Of Canada lifted their price objective on shares of Bank of Nova Scotia from $80.00 to $86.00 and gave the company a "sector perform" rating in a report on Wednesday. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of Nova Scotia presently has an average rating of "Hold" and an average price target of $86.00.

Bank of Nova Scotia Stock Up 1.1%

Bank of Nova Scotia stock opened at $62.40 on Friday. Bank of Nova Scotia has a fifty-two week low of $44.09 and a fifty-two week high of $62.45. The stock has a market cap of $77.53 billion, a PE ratio of 16.78, a price-to-earnings-growth ratio of 1.57 and a beta of 1.14. The firm's 50-day simple moving average is $56.04 and its 200 day simple moving average is $52.01. 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 released its quarterly earnings results on Tuesday, August 26th. The bank reported $1.37 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.09. Bank of Nova Scotia had a net margin of 9.74% and a return on equity of 11.61%. The business had revenue of $6.85 billion for the quarter, compared to analysts' expectations of $9.29 billion. During the same period in the previous year, the company earned $1.63 earnings per share. The firm's revenue for the quarter was up 13.4% compared to the same quarter last year. Research analysts predict that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

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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