Fiduciary Financial Group LLC Buys New Position in 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 purchased a new position in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,156 shares of the bank's stock, valued at approximately $231,000.

A number of other institutional investors have also recently made changes to their positions in BNS. Goldman Sachs Group Inc. lifted its holdings in Bank of Nova Scotia by 255.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 10,174,780 shares of the bank's stock worth $482,590,000 after buying an additional 7,315,915 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Bank of Nova Scotia by 141.1% in the first quarter. Canada Pension Plan Investment Board now owns 8,364,411 shares of the bank's stock valued at $396,650,000 after purchasing an additional 4,894,754 shares during the period. Murchinson Ltd. acquired a new position in Bank of Nova Scotia during the 1st quarter worth $203,953,000. Nicola Wealth Management LTD. purchased a new stake in Bank of Nova Scotia during the 1st quarter worth about $109,092,000. Finally, Vanguard Group Inc. raised its position in Bank of Nova Scotia by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 53,184,171 shares of the bank's stock valued at $2,521,621,000 after purchasing an additional 1,821,025 shares in the last quarter. Institutional investors and hedge funds own 49.13% of the company's stock.

Bank of Nova Scotia Stock Down 1.4%

BNS stock opened at $63.39 on Friday. The stock has a market cap of $78.65 billion, a P/E ratio of 17.04, a PEG ratio of 1.48 and a beta of 1.16. 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 twelve month low of $44.09 and a twelve month high of $64.38. The company's 50 day moving average is $57.89 and its two-hundred day moving average is $52.97.

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, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $9.29 billion. During the same period last year, the firm posted $1.63 EPS. The company's revenue was up 13.4% on a year-over-year basis. Research analysts expect that Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented 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 price objective on shares of Bank of Nova Scotia from $80.00 to $86.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 27th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Bank of Nova Scotia currently has a consensus rating of "Hold" and an average target price 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.

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