Intact Investment Management Inc. Has $31.98 Million Stake in Bank of Nova Scotia (The) $BNS

Intact Investment Management Inc. trimmed its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 73.7% during the fourth quarter, HoldingsChannel reports. The fund owned 433,662 shares of the bank’s stock after selling 1,212,180 shares during the period. Bank of Nova Scotia comprises about 0.9% of Intact Investment Management Inc.’s investment portfolio, making the stock its 28th largest position. Intact Investment Management Inc.’s holdings in Bank of Nova Scotia were worth $31,983,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in BNS. AQR Capital Management LLC raised its holdings in shares of Bank of Nova Scotia by 111.2% during the first quarter. AQR Capital Management LLC now owns 19,096 shares of the bank’s stock worth $911,000 after acquiring an additional 10,056 shares during the period. Sivia Capital Partners LLC acquired a new stake in shares of Bank of Nova Scotia during the second quarter worth $330,000. EverSource Wealth Advisors LLC raised its holdings in shares of Bank of Nova Scotia by 42.8% during the second quarter. EverSource Wealth Advisors LLC now owns 2,165 shares of the bank’s stock worth $120,000 after acquiring an additional 649 shares during the period. Sei Investments Co. raised its holdings in shares of Bank of Nova Scotia by 2.1% during the second quarter. Sei Investments Co. now owns 21,212 shares of the bank’s stock worth $1,172,000 after acquiring an additional 434 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in shares of Bank of Nova Scotia by 61.1% during the second quarter. Quantinno Capital Management LP now owns 66,962 shares of the bank’s stock worth $3,701,000 after acquiring an additional 25,400 shares during the period. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Royal Bank Of Canada lifted their price target on shares of 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. Canaccord Genuity Group lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. TD Securities reiterated a “hold” rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Finally, Weiss Ratings upgraded shares of Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a research note on Wednesday, February 25th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $106.00.

Bank of Nova Scotia Stock Up 0.1%

Shares of BNS stock opened at $78.04 on Monday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68. Bank of Nova Scotia has a 1 year low of $49.85 and a 1 year high of $78.55. The firm’s fifty day moving average price is $72.67 and its two-hundred day moving average price is $71.65. The firm has a market capitalization of $95.92 billion, a P/E ratio of 16.22, a PEG ratio of 0.94 and a beta of 1.13.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Tuesday, February 24th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.06. The company had revenue of $7.40 billion for the quarter, compared to analyst estimates of $6.99 billion. Bank of Nova Scotia had a net margin of 12.40% and a return on equity of 12.49%. Bank of Nova Scotia’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.76 EPS. On average, equities analysts predict that Bank of Nova Scotia will post 6.04 EPS for the current fiscal 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.