Fiduciary Financial Group LLC Acquires Shares of 4,156 Bank of Nova Scotia (The) $BNS

Key Points

• Fiduciary Financial Group LLC has acquired 4,156 shares of Bank of Nova Scotia, valued at approximately $231,000, indicating growing institutional interest in the bank.
• The stock of Bank of Nova Scotia has seen a 1.4% decrease since opening, with a current P/E ratio of 17.04 and a market cap of $78.65 billion.
• Recent analysts' reviews have upgraded the stock from a "sell" to a "hold" rating, with an increased price target to $86.00, reflecting a cautiously optimistic outlook.

Fiduciary Financial Group LLC bought a new position in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 4,156 shares of the bank's stock, valued at approximately $231,000.

Several other hedge funds also recently made changes to their positions in BNS. Focus Partners Wealth bought a new position in Bank of Nova Scotia in the fourth quarter valued at approximately $348,000. Nuveen Asset Management LLC increased its stake in Bank of Nova Scotia by 0.8% in the fourth quarter. Nuveen Asset Management LLC now owns 1,409,616 shares of the bank's stock valued at $75,656,000 after acquiring an additional 11,601 shares during the last quarter. Quantinno Capital Management LP increased its stake in Bank of Nova Scotia by 213.7% in the fourth quarter. Quantinno Capital Management LP now owns 53,274 shares of the bank's stock valued at $2,862,000 after acquiring an additional 36,289 shares during the last quarter. Shell Asset Management Co. increased its stake in Bank of Nova Scotia by 4.2% in the fourth quarter. Shell Asset Management Co. now owns 42,017 shares of the bank's stock valued at $2,255,000 after acquiring an additional 1,700 shares during the last quarter. Finally, Toronto Dominion Bank increased its stake in Bank of Nova Scotia by 1.7% in the fourth quarter. Toronto Dominion Bank now owns 25,425,639 shares of the bank's stock valued at $1,363,619,000 after acquiring an additional 434,771 shares during the last quarter. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Stock Up 0.5%

BNS traded up $0.32 during midday trading on Friday, hitting $64.96. The company had a trading volume of 516,427 shares, compared to its average volume of 1,975,766. 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 stock's 50 day moving average price is $58.66 and its 200 day moving average price is $53.36. The company has a market capitalization of $80.60 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 1.49 and a beta of 1.16. Bank of Nova Scotia has a 52 week low of $44.09 and a 52 week high of $65.19.

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 EPS for the quarter, topping the consensus estimate of $1.28 by $0.09. The company had revenue of $6.85 billion during the quarter, compared to the consensus estimate of $9.29 billion. Bank of Nova Scotia had a net margin of 9.74% and a return on equity of 11.61%. The firm's revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 earnings per share. On average, research analysts anticipate that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Wall Street Zen raised shares of Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research note on Saturday, August 30th. 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 research note on Wednesday, August 27th. Four investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $86.00.

About Bank of Nova Scotia

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.