Mufg Securities Canada LTD. Lowers Stake in Bank of Nova Scotia (The) $BNS

Mufg Securities Canada LTD. lessened its holdings in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 8.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,882,429 shares of the bank’s stock after selling 173,517 shares during the period. Bank of Nova Scotia makes up about 3.9% of Mufg Securities Canada LTD.’s investment portfolio, making the stock its 8th largest position. Mufg Securities Canada LTD.’s holdings in Bank of Nova Scotia were worth $138,866,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Prospera Financial Services Inc lifted its stake in shares of Bank of Nova Scotia by 3.9% in the 4th quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank’s stock worth $341,000 after purchasing an additional 173 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of Bank of Nova Scotia by 9.6% in the 3rd 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 lifted its stake in shares of Bank of Nova Scotia by 0.5% in the 3rd 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 lifted its stake in shares of Bank of Nova Scotia by 22.3% in the 4th 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, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Bank of Nova Scotia by 8.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,193 shares of the bank’s stock worth $235,000 after purchasing an additional 239 shares during the period. Institutional investors own 49.13% of the company’s stock.

Analysts Set New Price Targets

BNS has been the topic of several recent research reports. TD Securities reiterated a “hold” rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Royal Bank Of Canada increased their price objective on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 28th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. Finally, Canaccord Genuity Group cut shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $117.00.

Bank of Nova Scotia Price Performance

NYSE BNS opened at $84.02 on Monday. Bank of Nova Scotia has a 12 month low of $53.74 and a 12 month high of $84.12. The stock has a market cap of $102.91 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 1.03 and a beta of 1.12. The company’s 50 day moving average is $77.17 and its two-hundred day moving average is $74.41. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $7.24 billion for the quarter, compared to analysts’ expectations of $7.13 billion. During the same quarter last year, the business earned $1.52 EPS. The firm’s revenue was up 8.3% compared to the same quarter last year. As a group, research analysts anticipate that Bank of Nova Scotia will post 6.05 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.