K.J. Harrison & Partners Inc Takes Position in Bank of Nova Scotia (The) $BNS

Key Points

• K.J. Harrison & Partners acquired 65,949 shares of Bank of Nova Scotia in the second quarter, valued at approximately $5.7 million. Institutional investors own 49.13% of the bank’s stock.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and a target price of $117. Royal Bank of Canada recently raised its price target from $98 to $117.
• Bank of Nova Scotia reported quarterly earnings of $1.47 per share, exceeding estimates of $1.42, while revenue rose 8.3% year over year to $7.24 billion.

K.J. Harrison & Partners Inc acquired a new stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 65,949 shares of the bank's stock, valued at approximately $5,721,000.

A number of other large investors have also bought and sold shares of the business. Swiss RE Ltd. acquired a new stake in Bank of Nova Scotia during the 4th quarter worth approximately $30,000. Maseco LLP acquired a new position in shares of Bank of Nova Scotia in the first quarter valued at approximately $30,000. CoreCap Advisors LLC boosted its holdings in shares of Bank of Nova Scotia by 1,366.7% in the second quarter. CoreCap Advisors LLC now owns 440 shares of the bank's stock valued at $38,000 after buying an additional 410 shares during the period. Brown Brothers Harriman & Co. bought a new stake in shares of Bank of Nova Scotia during the fourth quarter worth $34,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of Bank of Nova Scotia during the second quarter worth $46,000. 49.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Royal Bank Of Canada boosted their price objective on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a "sector perform" rating in a research report on Thursday, May 28th. Weiss Ratings raised Bank of Nova Scotia from a "buy (b)" rating to a "buy (a-)" rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $117.00.

Bank of Nova Scotia Trading Down 0.2%

NYSE:BNS opened at $91.32 on Tuesday. Bank of Nova Scotia has a twelve month low of $56.54 and a twelve month high of $92.04. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. The business has a 50 day moving average price of $87.13 and a two-hundred day moving average price of $79.25. The company has a market cap of $111.30 billion, a P/E ratio of 17.43, a price-to-earnings-growth ratio of 1.14 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last issued its quarterly earnings results 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 13.16%. The company had revenue of $7.24 billion during the quarter, compared to analysts' expectations of $7.13 billion. During the same period last year, the business earned $1.52 EPS. The business's quarterly revenue was up 8.3% on a year-over-year basis. As a group, analysts expect that Bank of Nova Scotia will post 5.98 EPS for the current fiscal year.

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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