The Manufacturers Life Insurance Company Buys Shares of 4,800,235 Bank of Nova Scotia (The) $BNS

The Manufacturers Life Insurance Company purchased a new stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 4,800,235 shares of the bank’s stock, valued at approximately $416,397,000. The Manufacturers Life Insurance Company owned about 0.39% of Bank of Nova Scotia as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Kepler Cheuvreux Suisse SA boosted its stake in Bank of Nova Scotia by 85.7% during the fourth quarter. Kepler Cheuvreux Suisse SA now owns 246,523 shares of the bank’s stock worth $18,166,000 after buying an additional 113,765 shares during the period. Vanguard Group Inc. raised its stake in shares of Bank of Nova Scotia by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 57,237,537 shares of the bank’s stock valued at $4,221,440,000 after acquiring an additional 1,169,073 shares during the period. Triasima Portfolio Management inc. raised its stake in shares of Bank of Nova Scotia by 22.6% in the 4th quarter. Triasima Portfolio Management inc. now owns 129,807 shares of the bank’s stock valued at $9,586,000 after acquiring an additional 23,925 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab lifted its holdings in shares of Bank of Nova Scotia by 9.3% in the 2nd quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 178,226 shares of the bank’s stock worth $15,460,000 after acquiring an additional 15,100 shares during the last quarter. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of Bank of Nova Scotia in the 4th quarter worth approximately $66,527,000. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BNS has been the subject of several research reports. Keefe, Bruyette & Woods assumed coverage on shares of Bank of Nova Scotia in a report on Friday. They issued an “outperform” rating for the company. Royal Bank Of Canada upped their price target 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, May 28th. Finally, Weiss Ratings lowered Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, August 18th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.00.

Bank of Nova Scotia Trading Down 0.9%

Shares of NYSE:BNS opened at $86.82 on Tuesday. Bank of Nova Scotia has a 52 week low of $57.23 and a 52 week high of $92.04. The company’s 50 day moving average is $87.62 and its two-hundred day moving average is $79.69. The company has a market cap of $105.82 billion, a PE ratio of 16.57, a P/E/G ratio of 1.08 and a beta of 1.11. 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 quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.05. The business had revenue of $7.24 billion during the quarter, compared to analysts’ expectations of $7.13 billion. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.52 EPS. Equities analysts predict that Bank of Nova Scotia will post 6.03 earnings per share for the current fiscal year.

Bank of Nova Scotia Profile

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.