Enterprise Bank & Trust Co Makes New Investment in Bank of Nova Scotia (The) $BNS

Key Points

• Enterprise Bank & Trust Co invested approximately $220,000 in Bank of Nova Scotia, acquiring nearly 4,000 shares in the process.
• Research analysts have given Bank of Nova Scotia an average rating of "Hold" with a consensus target price of $86.00, following recent upgrades from several firms.
• The bank's latest quarterly earnings showed a surprising EPS of $1.37, surpassing expectations, while revenue increased by 13.4% year-over-year.

Enterprise Bank & Trust Co purchased a new stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 3,977 shares of the bank's stock, valued at approximately $220,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Fiduciary Financial Group LLC bought a new position in shares of Bank of Nova Scotia in the 2nd quarter valued at about $231,000. Voya Investment Management LLC acquired a new position in Bank of Nova Scotia during the first quarter valued at approximately $9,516,000. Nicola Wealth Management LTD. bought a new position in Bank of Nova Scotia in the first quarter valued at approximately $109,092,000. Intech Investment Management LLC grew its stake in Bank of Nova Scotia by 49.0% in the first quarter. Intech Investment Management LLC now owns 158,750 shares of the bank's stock valued at $7,526,000 after purchasing an additional 52,193 shares in the last quarter. Finally, Bayforest Capital Ltd increased its position in shares of Bank of Nova Scotia by 2,005.4% during the 1st quarter. Bayforest Capital Ltd now owns 14,296 shares of the bank's stock worth $678,000 after purchasing an additional 13,617 shares during the last quarter. 49.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada boosted their target price on shares of Bank of Nova Scotia from $80.00 to $86.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 27th. Wall Street Zen upgraded shares of Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank of Nova Scotia presently has a consensus rating of "Hold" and a consensus price target of $86.00.

Bank of Nova Scotia Stock Performance

BNS traded up $0.43 during trading on Friday, hitting $65.07. 626,051 shares of the company traded hands, compared to its average volume of 1,976,294. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.66. The firm has a market cap of $80.72 billion, a P/E ratio of 17.49, a price-to-earnings-growth ratio of 1.49 and a beta of 1.16. Bank of Nova Scotia has a one year low of $44.09 and a one year high of $65.19. The stock's fifty day moving average is $58.66 and its 200 day moving average is $53.36.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its 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 firm had revenue of $6.85 billion during the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter last year, the company earned $1.63 earnings per share. The company's revenue was up 13.4% on a year-over-year basis. As a group, equities analysts predict that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Bank of Nova Scotia Profile

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.