Magnetar Financial LLC Purchases New Holdings in Bank of Nova Scotia (The) $BNS

Key Points

• Magnetar Financial LLC has acquired a new stake in Bank of Nova Scotia, purchasing 25,945 shares valued at around $1.23 million during the first quarter of the year.
• Bank of Nova Scotia reported $1.37 earnings per share (EPS) for the last quarter, exceeding analysts' expectations, despite a revenue decrease compared to the previous year.
• Brokerages have upgraded Bank of Nova Scotia's rating, with Royal Bank of Canada increasing their price target to $86.00, reflecting a consensus rating of "Hold" among analysts.

Magnetar Financial LLC bought a new stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 25,945 shares of the bank's stock, valued at approximately $1,231,000.

A number of other large investors also recently made changes to their positions in BNS. Tower Research Capital LLC TRC grew its position in Bank of Nova Scotia by 4.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 5,399 shares of the bank's stock valued at $290,000 after purchasing an additional 248 shares in the last quarter. Sara Bay Financial lifted its position in Bank of Nova Scotia by 6.2% in the 1st quarter. Sara Bay Financial now owns 5,021 shares of the bank's stock worth $240,000 after buying an additional 294 shares in the last quarter. Avantax Advisory Services Inc. boosted its stake in shares of Bank of Nova Scotia by 0.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 58,073 shares of the bank's stock valued at $2,754,000 after buying an additional 298 shares during the period. Orca Wealth Management LLC grew its holdings in shares of Bank of Nova Scotia by 1.9% during the 1st quarter. Orca Wealth Management LLC now owns 16,839 shares of the bank's stock valued at $799,000 after acquiring an additional 307 shares in the last quarter. Finally, Independence Bank of Kentucky increased its stake in shares of Bank of Nova Scotia by 38.4% in the first quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock worth $56,000 after acquiring an additional 326 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports 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 stock a "sector perform" rating in a research note on Wednesday, August 27th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $86.00.

Bank of Nova Scotia Stock Performance

Shares of NYSE:BNS traded up $0.67 during midday trading on Thursday, hitting $63.52. The company's stock had a trading volume of 1,601,344 shares, compared to its average volume of 1,997,706. 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's 50 day simple moving average is $56.69 and its 200 day simple moving average is $52.33. The stock has a market capitalization of $78.92 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 1.45 and a beta of 1.16. Bank of Nova Scotia has a fifty-two week low of $44.09 and a fifty-two week high of $63.60.

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 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 the consensus estimate of $9.29 billion. Bank of Nova Scotia had a return on equity of 11.61% and a net margin of 9.74%.The firm's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.63 EPS. As a group, research analysts anticipate that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

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.