Lorne Steinberg Wealth Management Inc. Grows Stake in Bank of Nova Scotia (The) $BNS

Key Points

• Lorne Steinberg Wealth Management Inc. increased its stake in the Bank of Nova Scotia by 6.3% in Q2, now owning 168,991 shares valued at approximately $9.35 million.
• Several institutional investors, including MAI Capital Management and Mitsubishi UFJ Asset Management, have also recently adjusted their positions in Bank of Nova Scotia, indicating strong institutional interest in the stock.
• Wall Street analysts have expressed positive sentiment with an average rating of "Moderate Buy" and a consensus price target of $86.00 for the stock of Bank of Nova Scotia.

Lorne Steinberg Wealth Management Inc. grew its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 6.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 168,991 shares of the bank's stock after acquiring an additional 10,045 shares during the quarter. Bank of Nova Scotia comprises approximately 2.4% of Lorne Steinberg Wealth Management Inc.'s portfolio, making the stock its 14th biggest position. Lorne Steinberg Wealth Management Inc.'s holdings in Bank of Nova Scotia were worth $9,351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. MAI Capital Management raised its holdings in Bank of Nova Scotia by 40.7% in the first 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 last quarter. SVB Wealth LLC bought a new stake in shares of Bank of Nova Scotia during the first quarter valued at approximately $69,000. North Capital Inc. purchased a new position in Bank of Nova Scotia in the 1st quarter worth approximately $81,000. CWM LLC lifted its position in Bank of Nova Scotia by 15.8% in the 2nd quarter. CWM LLC now owns 2,084 shares of the bank's stock valued at $115,000 after acquiring an additional 285 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Bank of Nova Scotia by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,343 shares of the bank's stock valued at $159,000 after purchasing an additional 336 shares during the last quarter. 49.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Bank of Nova Scotia Stock Down 0.4%

Bank of Nova Scotia stock opened at $63.75 on Monday. Bank of Nova Scotia has a one year low of $44.09 and a one year high of $65.52. The stock has a fifty day moving average of $62.30 and a 200 day moving average of $55.83. 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 stock has a market cap of $79.10 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its earnings results on Tuesday, August 26th. The bank reported $1.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.09. Bank of Nova Scotia had a return on equity of 11.61% and a net margin of 9.74%.The business had revenue of $6.85 billion for the quarter, compared to analysts' expectations of $9.29 billion. During the same period last year, the firm posted $1.63 earnings per share. The business's revenue for the quarter was up 13.4% on a year-over-year basis. As a group, sell-side analysts predict that Bank of Nova Scotia will post 4.91 EPS for the current year.

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.

Want to see what other hedge funds are holding BNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.