Legal & General Group Plc Makes New Investment in Bank of Nova Scotia (The) $BNS

Key Points

• Legal & General Group Plc purchased 8.17 million Bank of Nova Scotia shares worth approximately $709.8 million, giving it a 0.67% stake. Institutional investors collectively own 49.13% of the bank.
• Bank of Nova Scotia reported quarterly EPS of $1.47, exceeding estimates of $1.42, while revenue rose 8.3% year over year to $7.24 billion.
• Analysts maintain a “Moderate Buy” consensus with a $117 price target; the stock recently traded at $86.82, down 0.9%.

Legal & General Group Plc 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 filing with the Securities and Exchange Commission. The firm purchased 8,169,732 shares of the bank's stock, valued at approximately $709,837,000. Legal & General Group Plc owned about 0.67% of Bank of Nova Scotia at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC lifted its position in Bank of Nova Scotia by 111.2% during the first quarter. AQR Capital Management LLC now owns 19,096 shares of the bank's stock valued at $911,000 after purchasing an additional 10,056 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in Bank of Nova Scotia in the second quarter worth about $330,000. EverSource Wealth Advisors LLC increased its position in Bank of Nova Scotia by 42.8% in the second quarter. EverSource Wealth Advisors LLC now owns 2,165 shares of the bank's stock worth $120,000 after buying an additional 649 shares in the last quarter. Sei Investments Co. raised its stake in shares of Bank of Nova Scotia by 2.1% in the second quarter. Sei Investments Co. now owns 21,212 shares of the bank's stock worth $1,172,000 after buying an additional 434 shares during the period. Finally, Quantinno Capital Management LP raised its stake in shares of Bank of Nova Scotia by 61.1% in the second quarter. Quantinno Capital Management LP now owns 66,962 shares of the bank's stock worth $3,701,000 after buying an additional 25,400 shares during the period. Institutional investors own 49.13% of the company's stock.

Bank of Nova Scotia Trading Down 0.9%

Shares of BNS stock opened at $86.82 on Tuesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a fifty day simple moving average of $87.62 and a two-hundred day simple moving average of $79.69. The firm has a market capitalization of $105.82 billion, a PE ratio of 16.57, a PEG ratio of 1.08 and a beta of 1.11. Bank of Nova Scotia has a 52-week low of $57.23 and a 52-week high of $92.04.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, beating the consensus estimate of $1.42 by $0.05. The business had revenue of $7.24 billion for the quarter, compared to the consensus estimate of $7.13 billion. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The business's revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.52 earnings per share. On average, analysts predict that Bank of Nova Scotia will post 6.03 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Weiss Ratings downgraded Bank of Nova Scotia from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, August 18th. Royal Bank Of Canada raised their target price on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 28th. Finally, Keefe, Bruyette & Woods started coverage on shares of Bank of Nova Scotia in a report on Friday. They set an "outperform" rating on the stock. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Bank of Nova Scotia currently has an average rating of "Moderate Buy" and a consensus price target of $117.00.

Bank of Nova Scotia Profile

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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