SEB Asset Management AB Buys New Stake in Bank of Nova Scotia (The) $BNS

Key Points

• SEB Asset Management AB initiated a new position in Bank of Nova Scotia during the first quarter, buying 436,060 shares valued at about $30.1 million.
• Institutional interest in BNS remains meaningful, with hedge funds and other investors continuing to add stakes; overall, institutional ownership stands at 49.13% of the company.
• Bank of Nova Scotia recently beat quarterly expectations, reporting $1.47 EPS versus the $1.42 estimate and revenue of $7.24 billion, while analysts currently rate the stock Hold with a consensus price target of $117.

SEB Asset Management AB bought a new stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 436,060 shares of the bank's stock, valued at approximately $30,144,000.

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

Wall Street Analysts Forecast Growth

BNS has been the topic of a number of recent analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of Bank of Nova Scotia in a research report on Friday, May 22nd. Royal Bank Of Canada increased their price objective on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a "sector perform" rating in a report on Thursday, May 28th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of "Hold" and an average price target of $117.00.

Bank of Nova Scotia Price Performance

NYSE BNS opened at $89.41 on Monday. Bank of Nova Scotia has a 1 year low of $54.99 and a 1 year high of $90.47. The business's fifty day moving average is $83.25 and its two-hundred day moving average is $77.07. The stock has a market capitalization of $109.52 billion, a P/E ratio of 17.06, a P/E/G ratio of 1.11 and a beta of 1.11. 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 released its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.05. The business had revenue of $7.24 billion during the quarter, compared to analyst estimates of $7.13 billion. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The company's revenue was up 8.3% compared to the same quarter last year. During the same period last year, the company posted $1.52 EPS. On average, research analysts forecast that Bank of Nova Scotia will post 6.01 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding BNS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.