Intech Investment Management LLC Purchases 52,193 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• Intech Investment Management LLC increased its stake in Bank of Nova Scotia by 49.0%, bringing its total holdings to approximately $7.53 million as of the most recent SEC filing.
• Bank of Nova Scotia reported $1.37 earnings per share (EPS) for the quarter, exceeding analysts' estimates of $1.28, while its revenue was $6.85 billion, which was lower than expected.
• Analysts have rated Bank of Nova Scotia with an average rating of "Hold" and a price target increase from $80.00 to $86.00 by the Royal Bank of Canada.

Intech Investment Management LLC raised its stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 49.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 158,750 shares of the bank's stock after buying an additional 52,193 shares during the quarter. Intech Investment Management LLC's holdings in Bank of Nova Scotia were worth $7,526,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Bayforest Capital Ltd raised its position in shares of Bank of Nova Scotia by 2,005.4% during the first 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 period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Bank of Nova Scotia by 1.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,557,511 shares of the bank's stock worth $73,873,000 after purchasing an additional 21,426 shares during the period. Ascent Group LLC acquired a new stake in shares of Bank of Nova Scotia during the first quarter worth about $236,000. United Services Automobile Association raised its position in shares of Bank of Nova Scotia by 4.8% during the first quarter. United Services Automobile Association now owns 41,683 shares of the bank's stock worth $1,992,000 after purchasing an additional 1,894 shares during the period. Finally, Guardian Partners Inc. raised its position in shares of Bank of Nova Scotia by 3.6% during the first quarter. Guardian Partners Inc. now owns 631,738 shares of the bank's stock worth $29,532,000 after purchasing an additional 21,958 shares during the period. Institutional investors and hedge funds own 49.13% of the company's stock.

Bank of Nova Scotia Price Performance

NYSE BNS traded down $0.89 during midday trading on Friday, hitting $63.39. The company had a trading volume of 1,335,582 shares, compared to its average volume of 1,949,935. The company has a market capitalization of $78.65 billion, a PE ratio of 17.04, a P/E/G ratio of 1.46 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. The firm has a 50-day moving average price of $57.89 and a 200-day moving average price of $52.97. Bank of Nova Scotia has a twelve month low of $44.09 and a twelve month high of $64.38.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings data on Tuesday, August 26th. The bank reported $1.37 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.09. The firm had revenue of $6.85 billion during the quarter, compared to analysts' expectations of $9.29 billion. Bank of Nova Scotia had a return on equity of 11.61% and a net margin of 9.74%.The company's quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.63 EPS. As a group, analysts anticipate 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 research analysts have recently commented on the company. 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 raised 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. Four 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 company has a consensus 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.