Korea Investment CORP Sells 79,730 Shares of Bank of Nova Scotia (The) $BNS

Korea Investment CORP decreased its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 9.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 800,578 shares of the bank’s stock after selling 79,730 shares during the period. Korea Investment CORP owned about 0.06% of Bank of Nova Scotia worth $51,778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of BNS. Canerector Inc. raised its holdings in Bank of Nova Scotia by 8,899.0% in the 3rd quarter. Canerector Inc. now owns 26,997,000 shares of the bank’s stock worth $1,745,356,000 after purchasing an additional 26,697,000 shares during the period. Norges Bank bought a new stake in Bank of Nova Scotia during the second quarter valued at about $838,738,000. JPMorgan Chase & Co. grew its holdings in Bank of Nova Scotia by 83.4% during the second quarter. JPMorgan Chase & Co. now owns 13,148,255 shares of the bank’s stock valued at $726,704,000 after purchasing an additional 5,979,338 shares during the period. CIBC Asset Management Inc increased its position in Bank of Nova Scotia by 44.3% in the third quarter. CIBC Asset Management Inc now owns 9,800,305 shares of the bank’s stock worth $635,730,000 after buying an additional 3,007,407 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp raised its stake in shares of Bank of Nova Scotia by 555.8% in the second quarter. OMERS ADMINISTRATION Corp now owns 3,062,126 shares of the bank’s stock worth $168,984,000 after buying an additional 2,595,186 shares during the period. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Royal Bank Of Canada lifted their price objective on Bank of Nova Scotia from $97.00 to $106.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 25th. 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. Raymond James Financial started coverage on shares of Bank of Nova Scotia in a report on Tuesday, November 25th. They set an “outperform” rating on the stock. Finally, TD Securities reiterated a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $106.00.

Bank of Nova Scotia Trading Down 1.1%

Shares of BNS opened at $72.14 on Monday. The firm has a market cap of $88.93 billion, a P/E ratio of 15.00, a price-to-earnings-growth ratio of 0.87 and a beta of 1.10. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.05 and a quick ratio of 1.05. Bank of Nova Scotia has a 1 year low of $44.09 and a 1 year high of $78.28. The company has a 50 day simple moving average of $74.74 and a two-hundred day simple moving average of $69.27.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.42 by $0.06. The firm had revenue of $7.40 billion during 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.76 earnings per share. On average, equities analysts expect that Bank of Nova Scotia will post 4.91 earnings per share 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.