Forsta AP Fonden Cuts Stake in Bank of Nova Scotia (The) $BNS

Forsta AP Fonden reduced its stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 17.5% during the fourth quarter, HoldingsChannel reports. The fund owned 301,500 shares of the bank’s stock after selling 64,000 shares during the period. Forsta AP Fonden’s holdings in Bank of Nova Scotia were worth $22,266,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Bank of Nova Scotia by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 57,237,537 shares of the bank’s stock worth $4,221,440,000 after acquiring an additional 1,169,073 shares during the last quarter. Canerector Inc. boosted its position in shares of Bank of Nova Scotia by 8,899.0% during the third quarter. Canerector Inc. now owns 26,997,000 shares of the bank’s stock valued at $1,745,356,000 after buying an additional 26,697,000 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank of Nova Scotia during the fourth quarter valued at $1,368,456,000. TD Asset Management Inc boosted its position in shares of Bank of Nova Scotia by 1.3% during the third quarter. TD Asset Management Inc now owns 18,364,021 shares of the bank’s stock valued at $1,187,709,000 after buying an additional 229,990 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Bank of Nova Scotia by 7.0% during the fourth quarter. Geode Capital Management LLC now owns 12,259,989 shares of the bank’s stock valued at $923,232,000 after buying an additional 799,474 shares during the last quarter. 49.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on BNS. Weiss Ratings reaffirmed 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 Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a research report on Thursday. TD Securities reissued a “hold” rating on shares of Bank of Nova Scotia in a report on Tuesday, March 3rd. Finally, Canaccord Genuity Group downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $117.00.

Bank of Nova Scotia Stock Up 0.4%

NYSE BNS opened at $80.07 on Friday. The stock’s 50-day moving average price is $74.69 and its 200-day moving average price is $73.37. The company has a quick ratio of 1.05, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. Bank of Nova Scotia has a 52 week low of $52.44 and a 52 week high of $82.22. The company has a market capitalization of $98.23 billion, a P/E ratio of 15.28, a price-to-earnings-growth ratio of 1.02 and a beta of 1.13.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data 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 return on equity of 13.16% and a net margin of 13.38%.The firm 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 company earned $1.52 earnings per share. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. On average, equities research analysts predict that Bank of Nova Scotia will post 6.05 earnings per share for the current 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.