Nicola Wealth Management LTD. Buys New Holdings in Bank of Nova Scotia (The) $BNS

Key Points

• Nicola Wealth Management LTD. has made a significant investment of $109.09 million in Bank of Nova Scotia by purchasing 2,300,000 shares, making it the largest position in their investment portfolio at 10.6%.
• Other institutional investors have also increased their stakes in Bank of Nova Scotia, with hedge funds collectively owning 49.13% of the company's stock.
• Bank of Nova Scotia reported earnings of $1.37 per share for the last quarter, exceeding expectations, with a year-over-year revenue increase of 13.4%.

Nicola Wealth Management LTD. acquired a new stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,300,000 shares of the bank's stock, valued at approximately $109,092,000. Bank of Nova Scotia comprises about 10.6% of Nicola Wealth Management LTD.'s investment portfolio, making the stock its biggest position. Nicola Wealth Management LTD. owned about 0.18% of Bank of Nova Scotia at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BNS. Mercer Global Advisors Inc. ADV purchased a new stake in Bank of Nova Scotia during the 4th quarter valued at about $319,000. Captrust Financial Advisors grew its position in Bank of Nova Scotia by 7.4% during the 4th quarter. Captrust Financial Advisors now owns 23,986 shares of the bank's stock valued at $1,289,000 after purchasing an additional 1,657 shares during the last quarter. Focus Partners Wealth purchased a new stake in Bank of Nova Scotia during the 4th quarter valued at about $348,000. Nuveen Asset Management LLC grew its position in Bank of Nova Scotia by 0.8% during the 4th quarter. Nuveen Asset Management LLC now owns 1,409,616 shares of the bank's stock valued at $75,656,000 after purchasing an additional 11,601 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in shares of Bank of Nova Scotia by 213.7% during the 4th quarter. Quantinno Capital Management LP now owns 53,274 shares of the bank's stock valued at $2,862,000 after acquiring an additional 36,289 shares during the last quarter. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Performance

Shares of BNS stock traded down $0.89 during mid-day trading on Friday, reaching $63.39. 1,335,582 shares of the company's stock traded hands, compared to its average volume of 1,949,935. 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 firm has a market capitalization of $78.65 billion, a PE ratio of 17.04, a price-to-earnings-growth ratio of 1.46 and a beta of 1.16. Bank of Nova Scotia has a 12 month low of $44.09 and a 12 month high of $64.38. The firm has a 50 day moving average price of $57.89 and a two-hundred day moving average price of $53.00.

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 EPS for the quarter, topping analysts' consensus estimates of $1.28 by $0.09. The company had revenue of $6.85 billion for the quarter, compared to analysts' expectations of $9.29 billion. Bank of Nova Scotia had a return on equity of 11.61% and a net margin of 9.74%.Bank of Nova Scotia's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the firm earned $1.63 EPS. On average, research analysts forecast that Bank of Nova Scotia will post 4.91 EPS for the current year.

Analysts Set New Price Targets

BNS has been the topic of a number of recent analyst reports. Royal Bank Of Canada raised their price target on shares of 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. 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. Four equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $86.00.

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.