Mediolanum International Funds Ltd Buys 28,494 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• Mediolanum International Funds Ltd increased its Bank of Nova Scotia stake by 21.6% in the first quarter, buying 28,494 additional shares and bringing its total holdings to 160,374 shares worth about $10.8 million.
• Institutional interest in Bank of Nova Scotia remains significant, with institutional investors owning 49.13% of the stock and several other funds recently opening new positions.
• The bank’s recent results were solid: it reported EPS of $1.47, beating estimates, and revenue of $7.24 billion, while analysts currently rate the stock a consensus “Hold” with an average price target of $117.

Mediolanum International Funds Ltd increased its position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 21.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,374 shares of the bank's stock after acquiring an additional 28,494 shares during the quarter. Mediolanum International Funds Ltd's holdings in Bank of Nova Scotia were worth $10,816,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Maseco LLP bought a new position in shares of Bank of Nova Scotia in the first quarter worth approximately $30,000. Swiss RE Ltd. bought a new stake in shares of Bank of Nova Scotia during the 4th quarter valued at $30,000. Brown Brothers Harriman & Co. bought a new stake in shares of Bank of Nova Scotia during the 4th quarter valued at $34,000. Quarry LP purchased a new position in shares of Bank of Nova Scotia during the 3rd quarter valued at $35,000. Finally, Virtus Advisers LLC purchased a new position in shares of Bank of Nova Scotia during the 3rd quarter valued at $39,000. Institutional investors own 49.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on BNS shares. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. Royal Bank Of Canada boosted their price objective on 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. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $117.00.

Bank of Nova Scotia Price Performance

Shares of NYSE:BNS opened at $89.41 on Monday. The firm has a market cap of $109.52 billion, a price-to-earnings ratio of 17.06, a P/E/G ratio of 1.11 and a beta of 1.11. The firm has a fifty day moving average price of $83.25 and a 200 day moving average price of $77.07. Bank of Nova Scotia has a fifty-two week low of $54.99 and a fifty-two week high of $90.47. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 EPS 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 business had revenue of $7.24 billion for the quarter, compared to analysts' expectations of $7.13 billion. During the same quarter in the previous year, the company earned $1.52 EPS. The business's quarterly revenue was up 8.3% compared to the same quarter last year. As a group, sell-side analysts expect 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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