Danica Pension Livsforsikringsaktieselskab Purchases Shares of 157,790 Bank of Nova Scotia (The) $BNS

Key Points

• Danica Pension acquired 157,790 Bank of Nova Scotia shares during the second quarter, valued at approximately $19.45 million. Institutional investors and hedge funds collectively own 49.13% of the stock.
• Bank of Nova Scotia recently reported quarterly EPS of $1.47, exceeding estimates of $1.42, while revenue rose 8.3% year over year to $7.24 billion.
• Analysts hold a consensus “Moderate Buy” rating with an average price target of $117, compared with the stock’s reported price of $90.22.

Danica Pension Livsforsikringsaktieselskab acquired a new stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 157,790 shares of the bank's stock, valued at approximately $19,451,000.

Several other hedge funds have also recently made changes to their positions in the company. Maseco LLP purchased a new stake in Bank of Nova Scotia during the 1st quarter valued at about $30,000. Swiss RE Ltd. purchased a new position in shares of Bank of Nova Scotia in the fourth quarter worth about $30,000. Brown Brothers Harriman & Co. purchased a new position in shares of Bank of Nova Scotia in the fourth quarter worth about $34,000. Quarry LP acquired a new stake in shares of Bank of Nova Scotia during the third quarter worth about $35,000. Finally, CoreCap Advisors LLC boosted its position in Bank of Nova Scotia by 1,366.7% in the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank's stock valued at $38,000 after buying an additional 410 shares during the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Trading Down 1.2%

Bank of Nova Scotia stock opened at $90.22 on Wednesday. The stock's 50 day simple moving average is $87.31 and its two-hundred day simple moving average is $79.36. The firm has a market cap of $109.96 billion, a PE ratio of 17.22, a P/E/G ratio of 1.14 and a beta of 1.11. Bank of Nova Scotia has a 12 month low of $56.54 and a 12 month high of $92.04. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, beating analysts' consensus estimates of $1.42 by $0.05. The firm had revenue of $7.24 billion for the quarter, compared to analysts' expectations of $7.13 billion. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The company's quarterly revenue was up 8.3% on a year-over-year basis. During the same period last year, the firm earned $1.52 EPS. Analysts anticipate that Bank of Nova Scotia will post 5.98 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BNS. Royal Bank Of Canada increased their price target on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a "sector perform" rating in a report on Thursday, May 28th. Weiss Ratings raised shares of Bank of Nova Scotia from a "buy (b)" rating to a "buy (a-)" rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Bank of Nova Scotia presently has a consensus rating of "Moderate Buy" and an average price target of $117.00.

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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