Geode Capital Management LLC Increases Position in Bank of Nova Scotia (The) $BNS

Geode Capital Management LLC boosted its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 7.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 12,259,989 shares of the bank’s stock after purchasing an additional 799,474 shares during the quarter. Geode Capital Management LLC’s holdings in Bank of Nova Scotia were worth $923,232,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Prospera Financial Services Inc boosted its stake in Bank of Nova Scotia by 3.9% during the fourth quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank’s stock worth $341,000 after buying an additional 173 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Bank of Nova Scotia by 9.6% during the third quarter. EverSource Wealth Advisors LLC now owns 2,373 shares of the bank’s stock worth $153,000 after purchasing an additional 208 shares during the period. Fiera Capital Corp raised its stake in Bank of Nova Scotia by 0.5% during the third quarter. Fiera Capital Corp now owns 45,482 shares of the bank’s stock worth $2,940,000 after purchasing an additional 213 shares during the period. Larson Financial Group LLC raised its stake in Bank of Nova Scotia by 22.3% during the fourth quarter. Larson Financial Group LLC now owns 1,280 shares of the bank’s stock worth $94,000 after purchasing an additional 233 shares during the period. Finally, Parallel Advisors LLC raised its stake in Bank of Nova Scotia by 8.5% during the third quarter. Parallel Advisors LLC now owns 3,326 shares of the bank’s stock worth $215,000 after purchasing an additional 261 shares during the period. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Up 0.4%

NYSE:BNS opened at $80.07 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. The stock’s fifty day moving average is $74.69 and its two-hundred day moving average is $73.37. Bank of Nova Scotia has a 52 week low of $52.44 and a 52 week high of $82.22. The stock has a market capitalization of $98.41 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.05. The company had revenue of $7.24 billion for the quarter, compared to analyst estimates of $7.13 billion. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.52 earnings per share. Research analysts anticipate that Bank of Nova Scotia will post 6.03 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on BNS shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. TD Securities reissued a “hold” rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Royal Bank Of Canada raised their target price on Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a research note on Thursday. Finally, Canaccord Genuity Group cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $117.00.

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.