OMERS ADMINISTRATION Corp Has $131.16 Million Stock Position in Bank of Nova Scotia (The) $BNS

Key Points

• OMERS Administration Corp cut its stake in Bank of Nova Scotia by 17.6% in the first quarter, selling 406,035 shares and leaving it with 1,897,415 shares valued at about $131.2 million.
• Scotiabank reported better-than-expected quarterly results, posting EPS of $1.47 versus the $1.42 estimate and revenue of $7.24 billion versus $7.13 billion expected. Revenue rose 8.3% year over year.
• Analysts remain cautious overall, with the stock carrying a consensus “Hold” rating and a consensus price target of $117, even after Royal Bank of Canada raised its target from $98 to $117.

OMERS ADMINISTRATION Corp lessened its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 17.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,897,415 shares of the bank's stock after selling 406,035 shares during the quarter. OMERS ADMINISTRATION Corp owned about 0.15% of Bank of Nova Scotia worth $131,162,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Prospera Financial Services Inc increased its position in Bank of Nova Scotia by 3.9% in the 4th quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank's stock valued at $341,000 after buying an additional 173 shares in the last quarter. Larson Financial Group LLC grew its stake in Bank of Nova Scotia by 22.3% in the fourth quarter. Larson Financial Group LLC now owns 1,280 shares of the bank's stock valued at $94,000 after acquiring an additional 233 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Bank of Nova Scotia by 8.1% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,193 shares of the bank's stock valued at $235,000 after acquiring an additional 239 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of Bank of Nova Scotia by 8.5% during the third quarter. Parallel Advisors LLC now owns 3,326 shares of the bank's stock valued at $215,000 after acquiring an additional 261 shares in the last quarter. Finally, Kathmere Capital Management LLC raised its position in shares of Bank of Nova Scotia by 8.5% during the first quarter. Kathmere Capital Management LLC now owns 3,579 shares of the bank's stock worth $248,000 after purchasing an additional 281 shares during the period. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia Stock Up 0.5%

BNS opened at $87.03 on Friday. Bank of Nova Scotia has a twelve month low of $55.21 and a twelve month high of $90.47. The company's 50-day moving average price is $84.26 and its two-hundred day moving average price is $77.51. The stock has a market cap of $106.61 billion, a price-to-earnings ratio of 16.61, a PEG ratio of 1.08 and a beta of 1.11. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last posted its quarterly 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. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The company 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 firm posted $1.52 EPS. Bank of Nova Scotia's revenue was up 8.3% on a year-over-year basis. As a group, equities analysts expect that Bank of Nova Scotia will post 6.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

BNS has been the subject of several research reports. Royal Bank Of Canada lifted their price target 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 restated a "buy (b)" rating on shares of Bank of Nova Scotia in a report on Friday, May 22nd. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of Nova Scotia has a consensus rating of "Hold" and a consensus price target of $117.00.

About Bank of Nova Scotia

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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