Jupiter Asset Management Ltd. Takes $66.53 Million Position in Bank of Nova Scotia (The) $BNS

Key Points

• Jupiter Asset Management opened a new position in Bank of Nova Scotia, buying 900,832 shares worth about $66.5 million in the fourth quarter.
• Institutional interest remains broad, with several large investors increasing their stakes and roughly 49.13% of the stock now held by institutions and hedge funds.
• Analysts are mixed but constructive overall: the consensus rating is Hold with an average price target of $117, while Royal Bank of Canada recently raised its target from $98 to $117.

Jupiter Asset Management Ltd. bought a new stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 900,832 shares of the bank's stock, valued at approximately $66,527,000. Jupiter Asset Management Ltd. owned approximately 0.07% of Bank of Nova Scotia at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Citigroup Inc. raised its stake in shares of Bank of Nova Scotia by 55.4% in the third quarter. Citigroup Inc. now owns 1,517,072 shares of the bank's stock valued at $98,118,000 after purchasing an additional 540,526 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Bank of Nova Scotia by 30.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,690,883 shares of the bank's stock valued at $497,197,000 after purchasing an additional 1,772,608 shares in the last quarter. First National Trust Co raised its stake in shares of Bank of Nova Scotia by 54.5% in the third quarter. First National Trust Co now owns 44,415 shares of the bank's stock valued at $2,871,000 after purchasing an additional 15,676 shares in the last quarter. Canerector Inc. raised its stake in shares of Bank of Nova Scotia by 8,899.0% in the third quarter. Canerector Inc. now owns 26,997,000 shares of the bank's stock valued at $1,745,356,000 after purchasing an additional 26,697,000 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its stake in shares of Bank of Nova Scotia by 17.0% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 285,843 shares of the bank's stock valued at $21,109,000 after purchasing an additional 41,443 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BNS has been the subject of several recent analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. TD Securities reiterated a "hold" rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Canaccord Genuity Group lowered Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 9th. Finally, Royal Bank Of Canada increased their price objective on Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a "sector perform" rating in a research note on Thursday. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $117.00.

Bank of Nova Scotia Price Performance

Shares of Bank of Nova Scotia stock opened at $79.82 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $98.11 billion, a price-to-earnings ratio of 15.23, a P/E/G ratio of 1.02 and a beta of 1.13. Bank of Nova Scotia has a 1-year low of $52.44 and a 1-year high of $82.22. The firm's 50-day moving average price is $74.49 and its two-hundred day moving average price is $73.32.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.22%. The firm had revenue of $7.24 billion for the quarter, compared to analysts' expectations of $7.13 billion. During the same period in the prior year, the firm earned $1.52 earnings per share. The company's quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities analysts predict that Bank of Nova Scotia will post 6.03 earnings per share for the current fiscal year.

Trending Headlines about Bank of Nova Scotia

Here are the key news stories impacting Bank of Nova Scotia this week:

• Positive Sentiment: BNS beat Q2 expectations, reporting EPS of $2.02 versus $1.42 expected, with revenue of $7.24 billion also ahead of estimates. The bank said profit rose on stronger interest income and broad-based growth in Canadian banking and wealth management. Reuters article
• Positive Sentiment: The bank raised its dividend after the quarter, signaling confidence in earnings durability and capital strength. WSJ article
• Positive Sentiment: Royal Bank of Canada lifted its price target on Bank of Nova Scotia to $117 from $98, reflecting stronger earnings expectations and still implying meaningful upside. Benzinga reference
• Positive Sentiment: Q2 details were constructive: ROE improved to 13.1%, non-interest income grew strongly in wealth management and capital markets, provisions fell, and CET1 capital remained healthy at 13.3%. Seeking Alpha article
• Neutral Sentiment: Analysts noted the stock is trading at elevated multiples and technical levels, which could limit near-term upside even after the earnings beat. Seeking Alpha article
• Neutral Sentiment: Management flagged a concentration-risk issue after a single-client impaired loan increase, which is worth watching but does not yet appear to outweigh the stronger quarterly fundamentals. Seeking Alpha article

About Bank of Nova Scotia

Bank of Nova Scotia, commonly known as Scotiabank, is a Canadian multinational banking and financial services company founded in 1832 and headquartered in Toronto, Ontario. It is one of Canada's largest banks and provides a broad range of financial services to retail, commercial, corporate and institutional clients. The bank combines a domestic Canadian franchise with an extensive international presence to serve customers across multiple markets.

Scotiabank's core activities include personal and commercial banking, wealth management, corporate and investment banking, capital markets, and global transaction banking.

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