Murchinson Ltd. Invests $203.95 Million in Bank of Nova Scotia (The) $BNS

Key Points

• Murchinson Ltd. has acquired a significant new stake in the Bank of Nova Scotia, purchasing 4,300,083 shares valued at approximately $203.95 million, making it the company's 3rd largest position.
• Recent analyst ratings for Bank of Nova Scotia indicate a mix of Buy and Hold ratings, with an average target price increased to $86.00 by Royal Bank of Canada.
• In its latest earnings report, Bank of Nova Scotia reported $1.37 EPS, beating estimates, while revenue rose 13.4% year-over-year, despite being below analyst expectations.

Murchinson Ltd. acquired a new position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,300,083 shares of the bank's stock, valued at approximately $203,953,000. Bank of Nova Scotia makes up about 11.7% of Murchinson Ltd.'s investment portfolio, making the stock its 3rd biggest position. Murchinson Ltd. owned about 0.35% of Bank of Nova Scotia as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently bought and sold shares of the company. Compagnie Lombard Odier SCmA acquired a new position in Bank of Nova Scotia in the first quarter worth $52,000. Independence Bank of Kentucky boosted its stake in 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 purchasing an additional 326 shares in the last quarter. MAI Capital Management boosted its stake 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 purchasing an additional 350 shares in the last quarter. SVB Wealth LLC bought a new stake in shares of Bank of Nova Scotia during the first quarter worth $69,000. Finally, North Capital Inc. bought a new stake in shares of Bank of Nova Scotia during the first quarter worth $81,000. Institutional investors and hedge funds own 49.13% of the company's stock.

Bank of Nova Scotia Trading Up 0.5%

NYSE BNS traded up $0.32 on Thursday, reaching $64.20. The company had a trading volume of 617,886 shares, compared to its average volume of 1,992,022. The stock's 50 day moving average is $57.55 and its 200-day moving average is $52.77. The stock has a market cap of $79.64 billion, a price-to-earnings ratio of 17.26, a PEG ratio of 1.47 and a beta of 1.16. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.66. Bank of Nova Scotia has a 52 week low of $44.09 and a 52 week high of $64.20.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its quarterly earnings data on Tuesday, August 26th. The bank reported $1.37 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the prior year, the company posted $1.63 earnings per share. The firm's revenue was up 13.4% on a year-over-year basis. Equities analysts predict that Bank of Nova Scotia will post 4.91 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on BNS shares. Wall Street Zen upgraded Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research report on Saturday, August 30th. Royal Bank Of Canada boosted their target price on Bank of Nova Scotia from $80.00 to $86.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 27th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of Nova Scotia currently has an average rating of "Hold" and a consensus target price of $86.00.

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.