Bank of Nova Scotia (The) $BNS Shares Sold by Federation des caisses Desjardins du Quebec

Key Points

• The Federation des caisses Desjardins du Quebec has reduced its stake in the Bank of Nova Scotia by 13.4%, selling 1,257,276 shares and now holding approximately 8.1 million shares.
• Wall Street analysts have a consensus "Hold" rating for Bank of Nova Scotia, with an average target price raised to $86.00.
• In its latest quarterly earnings, Bank of Nova Scotia reported an EPS of $1.37, exceeding estimates, despite a revenue drop compared to previous year, standing at $6.85 billion.

Federation des caisses Desjardins du Quebec decreased its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 13.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,127,094 shares of the bank's stock after selling 1,257,276 shares during the quarter. Bank of Nova Scotia comprises about 1.9% of Federation des caisses Desjardins du Quebec's investment portfolio, making the stock its 9th biggest position. Federation des caisses Desjardins du Quebec owned about 0.65% of Bank of Nova Scotia worth $385,450,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Janney Montgomery Scott LLC raised its position in shares of Bank of Nova Scotia by 4.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 10,801 shares of the bank's stock worth $512,000 after buying an additional 442 shares during the period. Korea Investment CORP raised its position in shares of Bank of Nova Scotia by 0.5% in the 1st quarter. Korea Investment CORP now owns 941,286 shares of the bank's stock worth $44,623,000 after buying an additional 5,085 shares during the period. Fox Run Management L.L.C. raised its position in shares of Bank of Nova Scotia by 146.0% in the 1st quarter. Fox Run Management L.L.C. now owns 12,042 shares of the bank's stock worth $571,000 after buying an additional 7,146 shares during the period. Bank of New York Mellon Corp raised its position in shares of Bank of Nova Scotia by 5.5% in the 1st quarter. Bank of New York Mellon Corp now owns 1,155,791 shares of the bank's stock worth $54,819,000 after buying an additional 60,506 shares during the period. Finally, Cambridge Investment Research Advisors Inc. raised its position in shares of Bank of Nova Scotia by 3.2% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 14,938 shares of the bank's stock worth $709,000 after buying an additional 466 shares during the period. Institutional investors and hedge funds own 49.13% of the company's stock.

Bank of Nova Scotia Stock Down 0.2%

NYSE:BNS traded down $0.14 during mid-day trading on Friday, hitting $63.42. The company had a trading volume of 2,039,012 shares, compared to its average volume of 1,773,522. The business has a fifty day simple moving average of $57.04 and a 200-day simple moving average of $52.50. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.66. Bank of Nova Scotia has a 1 year low of $44.09 and a 1 year high of $64.04. The firm has a market capitalization of $78.79 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 1.47 and a beta of 1.16.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its quarterly earnings data on Tuesday, August 26th. The bank reported $1.37 EPS for the quarter, beating the consensus estimate of $1.28 by $0.09. Bank of Nova Scotia had a return on equity of 11.61% and a net margin of 9.74%.The company had revenue of $6.85 billion for the quarter, compared to analyst estimates of $9.29 billion. During the same period last year, the company posted $1.63 earnings per share. The firm's revenue was up 13.4% compared to the same quarter last year. Equities analysts forecast that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BNS shares. Wall Street Zen raised Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. Royal Bank Of Canada increased their target price on Bank of Nova Scotia from $80.00 to $86.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 27th. Four 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, the company has an average rating of "Hold" and an average price target of $86.00.

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.