The Manufacturers Life Insurance Company Sells 1,272,094 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• The Manufacturers Life Insurance Company reduced its stake in Bank of Nova Scotia by 28.2% in Q1, bringing its holdings to approximately 3.24 million shares valued at $154.36 million.
• Bank of Nova Scotia reported quarterly earnings of $1.37 per share, exceeding estimates, but its revenue of $6.85 billion fell short of analyst expectations by nearly $2.44 billion.
• Equities analysts have mixed views on the bank's stock, with four analysts rating it as a Buy and five as a Hold, while the average target price is set at $86.00.

The Manufacturers Life Insurance Company lowered its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 28.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,237,901 shares of the bank's stock after selling 1,272,094 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.26% of Bank of Nova Scotia worth $154,358,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Compagnie Lombard Odier SCmA bought a new position in shares of Bank of Nova Scotia during the 1st quarter valued at approximately $52,000. Independence Bank of Kentucky grew its holdings in Bank of Nova Scotia by 38.4% during the first quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock valued at $56,000 after purchasing an additional 326 shares during the period. SVB Wealth LLC bought a new position in shares of Bank of Nova Scotia during the 1st quarter worth $69,000. North Capital Inc. bought a new position in shares of Bank of Nova Scotia during the 1st quarter worth $81,000. Finally, Dunhill Financial LLC bought a new position in shares of Bank of Nova Scotia during the 4th quarter worth $95,000. Institutional investors own 49.13% of the company's stock.

Bank of Nova Scotia Trading Up 1.2%

Shares of Bank of Nova Scotia stock traded up $0.74 during midday trading on Wednesday, reaching $62.85. 1,814,627 shares of the company's stock traded hands, compared to its average volume of 1,995,245. Bank of Nova Scotia has a 12 month low of $44.09 and a 12 month high of $62.88. The company has a market cap of $78.09 billion, a PE ratio of 16.90, a price-to-earnings-growth ratio of 1.45 and a beta of 1.16. The stock has a 50 day moving average of $56.52 and a 200-day moving average of $52.25. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.03 and a current ratio of 1.03.

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 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $6.85 billion during the quarter, compared to analyst estimates of $9.29 billion. During the same quarter in the prior year, the company earned $1.63 EPS. The business's revenue was up 13.4% compared to the same quarter last year. As a group, equities analysts expect that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BNS shares. Royal Bank Of Canada increased their target price on shares of 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. Wall Street Zen raised Bank of Nova Scotia from a "sell" rating to a "hold" rating in a report on Saturday. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Bank of Nova Scotia currently has an average rating of "Hold" and a consensus target price 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.