Maverick Capital Ltd. Buys Shares of 36,701 Bank of Nova Scotia (The) $BNS

Key Points

• Maverick Capital purchased 36,701 Bank of Nova Scotia shares worth approximately $2.55 million in the first quarter. Institutional investors and hedge funds collectively own 49.13% of the bank.
• Analysts maintain a generally neutral outlook, with an average “Hold” rating and a $117 price target; Royal Bank of Canada recently raised its target from $98 to $117.
• Scotiabank exceeded quarterly expectations, reporting $1.47 in EPS versus a $1.42 consensus estimate and $7.24 billion in revenue, up 8.3% year over year.

Maverick Capital Ltd. bought a new stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 36,701 shares of the bank's stock, valued at approximately $2,546,000.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new stake in Bank of Nova Scotia during the 4th quarter valued at $1,368,456,000. FIL Ltd increased its holdings in shares of Bank of Nova Scotia by 49.5% during the fourth quarter. FIL Ltd now owns 16,489,540 shares of the bank's stock valued at $1,216,157,000 after purchasing an additional 5,461,052 shares during the period. AQR Capital Management LLC raised its stake in shares of Bank of Nova Scotia by 3,120.1% during the fourth quarter. AQR Capital Management LLC now owns 3,556,295 shares of the bank's stock valued at $262,284,000 after purchasing an additional 3,445,856 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of Bank of Nova Scotia during the third quarter valued at about $138,394,000. Finally, Alberta Investment Management Corp acquired a new stake in Bank of Nova Scotia in the fourth quarter worth about $121,032,000. Institutional investors and hedge funds own 49.13% of the company's stock.

Wall Street Analysts Forecast Growth

BNS has been the subject of a number of recent analyst reports. Royal Bank Of Canada increased their target price 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 reaffirmed a "buy (b)" rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Bank of Nova Scotia has an average rating of "Hold" and an average target price of $117.00.

Bank of Nova Scotia Stock Performance

NYSE:BNS opened at $86.89 on Tuesday. The company has a 50-day moving average of $84.45 and a 200-day moving average of $77.63. The firm has a market cap of $106.44 billion, a price-to-earnings ratio of 16.58, a price-to-earnings-growth ratio of 1.08 and a beta of 1.11. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69. Bank of Nova Scotia has a twelve month low of $55.21 and a twelve month high of $90.47.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, topping analysts' consensus estimates 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 net margin of 13.38% and a return on equity of 13.16%. The business's revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.52 EPS. Analysts forecast that Bank of Nova Scotia will post 6.01 earnings per share for the current fiscal year.

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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