Cardinal Capital Management Inc. Lowers Position in Bank of Nova Scotia (The) $BNS

Key Points

• Cardinal Capital Management Inc. reduced its position in Bank of Nova Scotia by 4.2% in Q4, selling 87,645 shares and now holds 1,997,649 shares worth $147.2M (0.16% of the company), its 18th-largest holding.
• Analysts' consensus rating is a Hold with an average target price of $106; RBC raised its target to $106 and Weiss Ratings upgraded to Buy while Canaccord downgraded to Hold.
• Scotiabank beat Q4 expectations with $1.48 EPS (vs. $1.42) and $7.40B revenue, and its stock trades around $72.17 with a market cap of $88.9B, P/E of 15 and a 52-week range of $45.01–$78.28.

Cardinal Capital Management Inc. decreased its position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 4.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,997,649 shares of the bank's stock after selling 87,645 shares during the period. Bank of Nova Scotia comprises 0.0% of Cardinal Capital Management Inc.'s portfolio, making the stock its 18th largest holding. Cardinal Capital Management Inc. owned 0.16% of Bank of Nova Scotia worth $147,207,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in BNS. AQR Capital Management LLC boosted its holdings in shares of Bank of Nova Scotia by 111.2% in the first quarter. AQR Capital Management LLC now owns 19,096 shares of the bank's stock valued at $911,000 after acquiring an additional 10,056 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Bank of Nova Scotia in the second quarter valued at about $330,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Bank of Nova Scotia by 42.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,165 shares of the bank's stock valued at $120,000 after acquiring an additional 649 shares in the last quarter. AXA S.A. boosted its holdings in shares of Bank of Nova Scotia by 21.0% in the second quarter. AXA S.A. now owns 467,865 shares of the bank's stock valued at $25,859,000 after acquiring an additional 81,106 shares in the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of Bank of Nova Scotia by 2.1% in the second quarter. Sei Investments Co. now owns 21,212 shares of the bank's stock valued at $1,172,000 after acquiring an additional 434 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BNS. Royal Bank Of Canada lifted their target price on shares of Bank of Nova Scotia from $97.00 to $106.00 and gave the company a "sector perform" rating in a report on Wednesday, February 25th. Weiss Ratings raised shares of Bank of Nova Scotia from a "hold (c+)" rating to a "buy (b)" rating in a report on Wednesday, February 25th. TD Securities reissued a "hold" rating on shares of Bank of Nova Scotia in a report on Tuesday, March 3rd. Finally, Canaccord Genuity Group downgraded shares of Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a report on Monday, March 9th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $106.00.

Bank of Nova Scotia Stock Up 1.2%

BNS stock opened at $72.17 on Friday. The company has a market cap of $88.88 billion, a P/E ratio of 15.00, a P/E/G ratio of 0.86 and a beta of 1.10. Bank of Nova Scotia has a 52 week low of $45.01 and a 52 week high of $78.28. The company's 50-day moving average price is $72.80 and its 200 day moving average price is $70.38. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its quarterly earnings data on Tuesday, February 24th. The bank reported $1.48 EPS for the quarter, topping analysts' consensus estimates of $1.42 by $0.06. The firm had revenue of $7.40 billion for the quarter, compared to the consensus estimate of $6.99 billion. Bank of Nova Scotia had a net margin of 12.40% and a return on equity of 12.49%. The firm's revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.76 earnings per share. On average, research analysts expect that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Bank of Nova Scotia Company Profile

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada's largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank's core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.

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