Cidel Asset Management Inc. Sells 30,176 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• Cidel Asset Management sold 30,176 shares of Bank of Nova Scotia, trimming its stake by 17.2% to 144,976 shares worth about $10.7 million.
• Analyst sentiment is mixed with an average rating of “Hold” and a consensus price target of $106; Weiss upgraded to Buy while Canaccord downgraded and RBC raised its price target to $106.
• Scotiabank beat quarterly estimates—EPS $1.48 vs. $1.42 and revenue $7.40B vs. $6.99B—and the stock trades near $70 with a 52‑week range of $44.09–$78.28 and a P/E of about 14.6.

Cidel Asset Management Inc. cut its holdings in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 17.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,976 shares of the bank's stock after selling 30,176 shares during the period. Cidel Asset Management Inc.'s holdings in Bank of Nova Scotia were worth $10,706,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Canerector Inc. raised its position in shares of Bank of Nova Scotia by 8,899.0% during the third quarter. Canerector Inc. now owns 26,997,000 shares of the bank's stock valued at $1,745,356,000 after buying an additional 26,697,000 shares during the last quarter. CIBC Asset Management Inc boosted its position in shares of Bank of Nova Scotia by 44.3% during the third quarter. CIBC Asset Management Inc now owns 9,800,305 shares of the bank's stock worth $635,730,000 after acquiring an additional 3,007,407 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Bank of Nova Scotia by 315.0% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 2,873,828 shares of the bank's stock worth $159,014,000 after acquiring an additional 2,181,312 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in Bank of Nova Scotia during the third quarter valued at $138,394,000. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Bank of Nova Scotia by 30.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,690,883 shares of the bank's stock valued at $497,197,000 after acquiring an additional 1,772,608 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

BNS has been the subject of several research reports. 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 reaffirmed a "hold" rating on shares of Bank of Nova Scotia in a report on Tuesday, March 3rd. Canaccord Genuity Group downgraded Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 9th. Finally, Royal Bank Of Canada increased their price target on Bank of Nova Scotia from $97.00 to $106.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 25th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $106.00.

Bank of Nova Scotia Stock Performance

Shares of NYSE:BNS opened at $70.13 on Monday. The firm has a fifty day simple moving average of $73.19 and a two-hundred day simple moving average of $70.29. Bank of Nova Scotia has a 52 week low of $44.09 and a 52 week high of $78.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $86.36 billion, a P/E ratio of 14.58, a PEG ratio of 0.85 and a beta of 1.10.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.42 by $0.06. Bank of Nova Scotia had a net margin of 12.40% and a return on equity of 12.49%. The firm had revenue of $7.40 billion for the quarter, compared to analysts' expectations of $6.99 billion. During the same period in the prior year, the company earned $1.76 EPS. The business's revenue was up 2.9% compared to the same quarter last year. On average, 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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