Geode Capital Management LLC Grows Stake in Bank of Nova Scotia (The) $BNS

Geode Capital Management LLC increased its position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 20.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 10,088,450 shares of the bank’s stock after acquiring an additional 1,684,510 shares during the period. Geode Capital Management LLC’s holdings in Bank of Nova Scotia were worth $564,941,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Bank of Nova Scotia by 3.5% in the first quarter. Vanguard Group Inc. now owns 53,184,171 shares of the bank’s stock valued at $2,521,621,000 after buying an additional 1,821,025 shares in the last quarter. 1832 Asset Management L.P. boosted its position in shares of Bank of Nova Scotia by 2.1% in the 1st quarter. 1832 Asset Management L.P. now owns 17,717,286 shares of the bank’s stock worth $840,331,000 after buying an additional 362,572 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Bank of Nova Scotia by 2.5% during the 1st quarter. Mackenzie Financial Corp now owns 15,158,112 shares of the bank’s stock valued at $718,670,000 after acquiring an additional 374,487 shares in the last quarter. Scotia Capital Inc. raised its position in Bank of Nova Scotia by 0.8% during the first quarter. Scotia Capital Inc. now owns 14,141,532 shares of the bank’s stock worth $670,495,000 after acquiring an additional 117,272 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Bank of Nova Scotia by 255.9% in the first quarter. Goldman Sachs Group Inc. now owns 10,174,780 shares of the bank’s stock valued at $482,590,000 after purchasing an additional 7,315,915 shares in the last quarter. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of Nova Scotia in a research note on Wednesday, October 8th. Wall Street Zen raised Bank of Nova Scotia from a “sell” rating to a “hold” rating in a report on Saturday, August 30th. Finally, Royal Bank Of Canada increased their price objective on Bank of Nova Scotia from $80.00 to $86.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 27th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $86.00.

Bank of Nova Scotia Trading Up 0.2%

Shares of BNS opened at $67.43 on Friday. Bank of Nova Scotia has a fifty-two week low of $44.09 and a fifty-two week high of $68.10. The company has a market capitalization of $83.48 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.49 and a beta of 1.17. The stock has a fifty day moving average of $64.88 and a two-hundred day moving average of $58.38. 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) (TSE:BNS) last announced its quarterly earnings data on Tuesday, August 26th. The bank reported $1.37 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $6.85 billion during the quarter, compared to the consensus estimate of $9.29 billion. During the same quarter in the previous year, the business earned $1.63 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, analysts forecast that Bank of Nova Scotia will post 4.91 EPS for the current year.

About Bank of Nova Scotia

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.