Vanguard Group Inc. Purchases 1,169,073 Shares of Bank of Nova Scotia (The) $BNS

Key Points

• Vanguard Group Inc. increased its stake in Bank of Nova Scotia by 2.1% in Q4, adding 1,169,073 shares to hold 57,237,537 shares (about 4.64% of the company) valued at roughly $4.22 billion.
• Earnings beat: Scotiabank reported $1.48 EPS vs. $1.42 expected and $7.40 billion in revenue vs. $6.99 billion expected, while analysts have a consensus target price of $106 and forecast ~6.04 EPS for the fiscal year.
• Shares trade near $76.44 with a market capitalization of about $93.9 billion, a P/E of 15.9, and a 52‑week range of $48.85 to $78.28.

Vanguard Group Inc. grew its position in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 2.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,237,537 shares of the bank's stock after acquiring an additional 1,169,073 shares during the quarter. Vanguard Group Inc. owned about 4.64% of Bank of Nova Scotia worth $4,221,440,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Mondrian Investment Partners LTD bought a new stake in Bank of Nova Scotia during the third quarter worth $30,000. Quarry LP bought a new stake in Bank of Nova Scotia during the third quarter worth $35,000. Virtus Advisers LLC purchased a new position in Bank of Nova Scotia in the third quarter worth $39,000. Newbridge Financial Services Group Inc. purchased a new position in Bank of Nova Scotia in the third quarter worth $45,000. Finally, Allworth Financial LP boosted its position in Bank of Nova Scotia by 122.0% in the third quarter. Allworth Financial LP now owns 715 shares of the bank's stock worth $46,000 after purchasing an additional 393 shares during the last quarter. Institutional investors own 49.13% of the company's stock.

Bank of Nova Scotia Stock Performance

Shares of BNS opened at $76.44 on Tuesday. The stock's 50-day simple moving average is $72.63 and its 200 day simple moving average is $71.37. The stock has a market capitalization of $93.94 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 0.92 and a beta of 1.10. 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 52-week low of $48.85 and a 52-week high of $78.28.

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BNS shares. Canaccord Genuity Group cut Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 9th. TD Securities reissued a "hold" rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Royal Bank Of Canada boosted their price objective on Bank of Nova Scotia from $97.00 to $106.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 25th. Finally, Weiss Ratings raised Bank of Nova Scotia from a "hold (c+)" rating to a "buy (b)" rating in a research report on Wednesday, February 25th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Bank of Nova Scotia has a consensus rating of "Hold" and a consensus target price of $106.00.

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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