Generali Asset Management SPA SGR Sells 25,761 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• Generali Asset Management SPA SGR has reduced its stake in the Bank of Nova Scotia by 17.7%, selling 25,761 shares and holding 119,446 shares valued at approximately $6.6 million at the end of the quarter.
• The Bank of Nova Scotia reported earnings of $1.37 per share, exceeding analysts' estimates by $0.09, though revenue of $6.85 billion fell short of expectations.
• Analyst ratings for the bank are largely positive, with the current consensus target price set at $86.00 and a rating of "Moderate Buy".

Generali Asset Management SPA SGR trimmed its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 17.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 119,446 shares of the bank's stock after selling 25,761 shares during the quarter. Generali Asset Management SPA SGR's holdings in Bank of Nova Scotia were worth $6,602,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of BNS. MAI Capital Management boosted its holdings in shares of Bank of Nova Scotia by 40.7% during the 1st quarter. MAI Capital Management now owns 1,211 shares of the bank's stock worth $57,000 after buying an additional 350 shares during the period. SVB Wealth LLC bought a new stake in shares of Bank of Nova Scotia during the first quarter worth approximately $69,000. North Capital Inc. bought a new stake in shares of Bank of Nova Scotia during the first quarter worth approximately $81,000. CWM LLC boosted its holdings in shares of Bank of Nova Scotia by 15.8% during the second quarter. CWM LLC now owns 2,084 shares of the bank's stock worth $115,000 after acquiring an additional 285 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Bank of Nova Scotia by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,343 shares of the bank's stock worth $159,000 after acquiring an additional 336 shares during the period. Institutional investors own 49.13% of the company's stock.

Bank of Nova Scotia Stock Performance

NYSE:BNS opened at $64.47 on Thursday. Bank of Nova Scotia has a fifty-two week low of $44.09 and a fifty-two week high of $65.52. The stock has a fifty day moving average price of $61.98 and a 200-day moving average price of $55.49. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $79.98 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 1.47 and a beta of 1.16.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its quarterly earnings data 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 business had revenue of $6.85 billion during the quarter, compared to analysts' expectations of $9.29 billion. During the same quarter in the prior year, the business posted $1.63 earnings per share. Bank of Nova Scotia's revenue was up 13.4% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently issued reports on BNS. Royal Bank Of Canada boosted their price target on Bank of Nova Scotia from $80.00 to $86.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 27th. Wall Street Zen raised shares of Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Bank of Nova Scotia in a report on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Bank of Nova Scotia presently has an average rating of "Moderate Buy" and a consensus target price of $86.00.

Bank of Nova Scotia Company 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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