Connor Clark & Lunn Investment Management Ltd. Cuts Holdings in Bank of Nova Scotia (The) $BNS

Connor Clark & Lunn Investment Management Ltd. trimmed its position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 6.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 5,918,275 shares of the bank’s stock after selling 403,441 shares during the period. Bank of Nova Scotia comprises 1.2% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 17th biggest position. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.48% of Bank of Nova Scotia worth $327,470,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of BNS. Scheer Rowlett & Associates Investment Management Ltd. boosted its stake in shares of Bank of Nova Scotia by 2.9% in the 2nd quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 1,188,376 shares of the bank’s stock worth $65,755,000 after buying an additional 33,800 shares during the last quarter. PCJ Investment Counsel Ltd. boosted its position in Bank of Nova Scotia by 48.1% in the second quarter. PCJ Investment Counsel Ltd. now owns 51,100 shares of the bank’s stock worth $2,827,000 after purchasing an additional 16,590 shares during the last quarter. Cypress Capital Management LLC WY bought a new position in Bank of Nova Scotia in the 2nd quarter valued at $33,000. AGF Management Ltd. bought a new position in Bank of Nova Scotia in the 2nd quarter valued at $21,803,000. Finally, Metis Global Partners LLC increased its position in shares of Bank of Nova Scotia by 6.2% during the 2nd quarter. Metis Global Partners LLC now owns 55,460 shares of the bank’s stock valued at $3,067,000 after purchasing an additional 3,226 shares during the last quarter. Institutional investors own 49.13% of the company’s stock.

Wall Street Analyst Weigh In

BNS has been the topic of a number of research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Bank of Nova Scotia in a report on Wednesday, October 8th. Wall Street Zen upgraded shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Saturday, August 30th. Finally, Royal Bank Of Canada increased their target price on shares of Bank of Nova Scotia from $80.00 to $86.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 27th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $86.00.

Bank of Nova Scotia Trading Up 1.2%

Shares of Bank of Nova Scotia stock opened at $66.66 on Friday. The stock has a market capitalization of $82.52 billion, a P/E ratio of 17.92, a P/E/G ratio of 1.49 and a beta of 1.17. Bank of Nova Scotia has a 52-week low of $44.09 and a 52-week high of $66.70. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.03 and a current ratio of 1.03. The stock’s 50-day simple moving average is $64.43 and its 200 day simple moving average is $57.80.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its earnings results on Tuesday, August 26th. The bank reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.09. Bank of Nova Scotia had a net margin of 9.74% and a return on equity of 11.61%. The firm had revenue of $6.85 billion during the quarter, compared to analyst estimates of $9.29 billion. During the same quarter last year, the business earned $1.63 earnings per share. The company’s quarterly revenue was up 13.4% on a year-over-year basis. As a group, research analysts anticipate that Bank of Nova Scotia will post 4.91 EPS for the current year.

About Bank of Nova Scotia

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.