Glenmede Trust Co. NA Makes New $396,000 Investment in Bank of Nova Scotia (The) $BNS

Glenmede Trust Co. NA bought a new stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,720 shares of the bank’s stock, valued at approximately $396,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of America Corp DE increased its holdings in Bank of Nova Scotia by 8.7% during the 1st quarter. Bank of America Corp DE now owns 5,024,708 shares of the bank’s stock valued at $348,263,000 after acquiring an additional 400,382 shares in the last quarter. Amundi increased its stake in shares of Bank of Nova Scotia by 11.6% during the 1st quarter. Amundi now owns 3,303,103 shares of the bank’s stock worth $233,031,000 after purchasing an additional 342,204 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Bank of Nova Scotia by 65.1% during the 1st quarter. EverSource Wealth Advisors LLC now owns 4,538 shares of the bank’s stock worth $315,000 after purchasing an additional 1,790 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in Bank of Nova Scotia in the 1st quarter valued at approximately $2,546,000. Finally, Quantinno Capital Management LP grew its holdings in Bank of Nova Scotia by 17.8% during the 1st quarter. Quantinno Capital Management LP now owns 128,720 shares of the bank’s stock valued at $8,922,000 after buying an additional 19,444 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Weiss Ratings upgraded Bank of Nova Scotia from a “buy (b)” rating to a “buy (a-)” rating in a research report on Monday, August 3rd. Royal Bank Of Canada upped their target price on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $117.00.

Bank of Nova Scotia Stock Up 0.7%

BNS opened at $88.94 on Friday. Bank of Nova Scotia has a 12 month low of $55.84 and a 12 month high of $90.47. The business has a 50-day moving average of $85.96 and a two-hundred day moving average of $78.55. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $108.62 billion, a price-to-earnings ratio of 16.97, a price-to-earnings-growth ratio of 1.10 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share (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 business had revenue of $7.24 billion for the quarter, compared to analysts’ expectations of $7.13 billion. During the same period last year, the company earned $1.52 earnings per share. The company’s quarterly revenue was up 8.3% on a year-over-year basis. On average, research analysts expect that Bank of Nova Scotia will post 5.99 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.