Connor Clark & Lunn Investment Management Ltd. Purchases 1,772,608 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• Connor Clark & Lunn raised its stake in Bank of Nova Scotia by 30.0%, buying 1,772,608 shares to hold 7,690,883 shares worth about $497.2 million (0.62% of BNS) and making the bank its 9th-largest position (≈1.6% of the firm's portfolio).
• Scotiabank (BNS) reported an earnings beat—Q results EPS $1.48 vs $1.42 est. and revenue $7.40B vs $6.99B—and the stock trades near $71.31 with a market cap of $87.9B, a P/E of 14.82, and an average analyst rating of "Hold" with a $106 price target.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 30.0% in the third quarter, according to its most recent filing with the SEC. The firm owned 7,690,883 shares of the bank's stock after acquiring an additional 1,772,608 shares during the period. Bank of Nova Scotia makes up about 1.6% of Connor Clark & Lunn Investment Management Ltd.'s investment portfolio, making the stock its 9th biggest position. Connor Clark & Lunn Investment Management Ltd. owned 0.62% of Bank of Nova Scotia worth $497,197,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of BNS. Mondrian Investment Partners LTD acquired a new stake in shares of Bank of Nova Scotia during the 3rd quarter worth about $30,000. Smartleaf Asset Management LLC raised its stake in shares of Bank of Nova Scotia by 3,304.3% in the third quarter. Smartleaf Asset Management LLC now owns 783 shares of the bank's stock valued at $51,000 after acquiring an additional 760 shares during the last quarter. VSM Wealth Advisory LLC acquired a new position in shares of Bank of Nova Scotia in the 2nd quarter worth approximately $55,000. Toth Financial Advisory Corp bought a new stake in Bank of Nova Scotia during the 3rd quarter worth approximately $67,000. Finally, MAI Capital Management grew its position in Bank of Nova Scotia by 27.4% during the 2nd quarter. MAI Capital Management now owns 1,543 shares of the bank's stock worth $85,000 after acquiring an additional 332 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Stock Down 0.3%

NYSE BNS opened at $71.31 on Thursday. The stock has a fifty day moving average of $74.58 and a 200-day moving average of $69.48. The stock has a market capitalization of $87.91 billion, a P/E ratio of 14.82, a price-to-earnings-growth ratio of 0.87 and a beta of 1.10. Bank of Nova Scotia has a 52 week low of $44.09 and a 52 week high of $78.28. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.05 and a current ratio of 1.05.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued its quarterly 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. The business had revenue of $7.40 billion for the quarter, compared to analyst estimates of $6.99 billion. Bank of Nova Scotia had a return on equity of 12.49% and a net margin of 12.40%.The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.76 earnings per share. On average, equities research analysts forecast that Bank of Nova Scotia will post 4.91 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on BNS. Canaccord Genuity Group lowered Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research note on Monday. Weiss Ratings raised 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. Royal Bank Of Canada raised their price objective on shares of Bank of Nova Scotia from $97.00 to $106.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 25th. Finally, Raymond James Financial began coverage on shares of Bank of Nova Scotia in a research note on Tuesday, November 25th. They issued an "outperform" rating for the company. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $106.00.

About Bank of Nova Scotia

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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