State of Wyoming Cuts Holdings in Bank of Nova Scotia (The) $BNS

Key Points

• State of Wyoming cut its Bank of Nova Scotia stake by 80.4% in the first quarter, selling 13,080 shares and retaining 3,180 shares valued at approximately $220,000.
• Bank of Nova Scotia reported quarterly EPS of $1.47, exceeding estimates by $0.05, while revenue rose 8.3% year over year to $7.24 billion. Shares opened at $87.90, near their 12-month high of $90.47.
• Analyst sentiment remains mixed, with two Buy ratings and three Holds; the stock carries a consensus “Hold” rating and an average price target of $117.

State of Wyoming trimmed its position in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 80.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,180 shares of the bank's stock after selling 13,080 shares during the quarter. State of Wyoming's holdings in Bank of Nova Scotia were worth $220,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BNS. Prospera Financial Services Inc boosted its stake in Bank of Nova Scotia by 3.9% during the fourth quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank's stock worth $341,000 after buying an additional 173 shares during the period. Larson Financial Group LLC raised its stake in shares of 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. raised its stake in shares of Bank of Nova Scotia by 8.1% in 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 during the period. Parallel Advisors LLC lifted its holdings in shares of Bank of Nova Scotia by 8.5% in the 3rd quarter. Parallel Advisors LLC now owns 3,326 shares of the bank's stock worth $215,000 after acquiring an additional 261 shares during the last quarter. Finally, Kathmere Capital Management LLC boosted its stake in shares of Bank of Nova Scotia by 8.5% during the 1st 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 hedge funds and other institutional investors.

Bank of Nova Scotia Stock Up 2.2%

Shares of BNS opened at $87.90 on Friday. The firm has a market capitalization of $107.68 billion, a P/E ratio of 16.78, a P/E/G ratio of 1.07 and a beta of 1.11. Bank of Nova Scotia has a 12-month low of $55.21 and a 12-month high of $90.47. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69. The firm has a fifty day moving average price of $84.99 and a 200-day moving average price of $77.95.

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 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 company had revenue of $7.24 billion for the quarter, compared to the consensus estimate of $7.13 billion. During the same quarter last year, the firm posted $1.52 EPS. The firm's revenue was up 8.3% compared to the same quarter last year. Equities research analysts expect that Bank of Nova Scotia will post 6.01 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank Of Canada raised their price objective on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 28th. Weiss Ratings reiterated a "buy (b)" rating on shares of Bank of Nova Scotia in a report on Friday, May 22nd. Two research 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, the stock currently has a consensus rating of "Hold" and an average price target of $117.00.

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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