Triasima Portfolio Management inc. Buys 23,925 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• Triasima Portfolio Management boosted its stake in Bank of Nova Scotia by 22.6%, buying 23,925 shares to own 129,807 shares worth $9.586 million, representing 1.4% of Triasima's holdings and its 23rd-largest position.
• Scotiabank posted an earnings beat for the quarter with EPS of $1.48 versus $1.42 expected and revenue of $7.40 billion versus $6.99 billion, reporting a 12.49% return on equity and a 12.40% net margin.
• Analyst sentiment is mixed: the consensus rating is a Hold with a $106 average price target, though Weiss upgraded to Buy and RBC raised its target to $106.

Triasima Portfolio Management inc. boosted its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 22.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,807 shares of the bank's stock after purchasing an additional 23,925 shares during the quarter. Bank of Nova Scotia comprises 1.4% of Triasima Portfolio Management inc.'s holdings, making the stock its 23rd largest holding. Triasima Portfolio Management inc.'s holdings in Bank of Nova Scotia were worth $9,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the stock. Motco boosted its position in Bank of Nova Scotia by 1.2% during the third quarter. Motco now owns 14,832 shares of the bank's stock valued at $959,000 after purchasing an additional 181 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Bank of Nova Scotia by 9.6% during the third quarter. EverSource Wealth Advisors LLC now owns 2,373 shares of the bank's stock valued at $153,000 after purchasing an additional 208 shares in the last quarter. Fiera Capital Corp raised its stake in Bank of Nova Scotia by 0.5% in the third quarter. Fiera Capital Corp now owns 45,482 shares of the bank's stock valued at $2,940,000 after buying an additional 213 shares during the last quarter. Parallel Advisors LLC raised its stake in Bank of Nova Scotia by 8.5% in the third quarter. Parallel Advisors LLC now owns 3,326 shares of the bank's stock valued at $215,000 after buying an additional 261 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in Bank of Nova Scotia by 79.2% in the fourth quarter. Fifth Third Bancorp now owns 688 shares of the bank's stock valued at $51,000 after buying an additional 304 shares during the last quarter. Institutional investors own 49.13% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Weiss Ratings upgraded Bank of Nova Scotia from a "hold (c+)" rating to a "buy (b)" rating in a research note on Wednesday, February 25th. Royal Bank Of Canada increased their price target on Bank of Nova Scotia from $97.00 to $106.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 25th. TD Securities reiterated a "hold" rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Finally, Canaccord Genuity Group cut Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 9th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $106.00.

Bank of Nova Scotia Trading Up 0.1%

Bank of Nova Scotia stock opened at $78.04 on Monday. The stock has a 50-day moving average of $72.67 and a two-hundred day moving average of $71.65. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.05 and a current ratio of 1.05. Bank of Nova Scotia has a one year low of $49.85 and a one year high of $78.55. The stock has a market cap of $95.92 billion, a PE ratio of 16.22, a price-to-earnings-growth ratio of 0.94 and a beta of 1.13.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings data on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.06. Bank of Nova Scotia had a return on equity of 12.49% and a net margin of 12.40%.The firm had revenue of $7.40 billion during the quarter, compared to analysts' expectations of $6.99 billion. During the same period last year, the business posted $1.76 earnings per share. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. On average, research analysts anticipate that Bank of Nova Scotia will post 6.04 EPS for the current fiscal year.

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.

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.