Bank of Nova Scotia (The) $BNS Position Lowered by Eldred Rock Partners LLC

Eldred Rock Partners LLC trimmed its holdings in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 10.1% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 207,561 shares of the bank’s stock after selling 23,443 shares during the quarter. Bank of Nova Scotia comprises approximately 4.0% of Eldred Rock Partners LLC’s portfolio, making the stock its 7th biggest position. Eldred Rock Partners LLC’s holdings in Bank of Nova Scotia were worth $15,295,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Mondrian Investment Partners LTD purchased a new stake in shares of Bank of Nova Scotia during the 3rd quarter valued at about $30,000. Quarry LP purchased a new position in shares of Bank of Nova Scotia during the third quarter valued at approximately $35,000. Virtus Advisers LLC bought a new position in Bank of Nova Scotia during the third quarter valued at approximately $39,000. Newbridge Financial Services Group Inc. purchased a new stake in Bank of Nova Scotia in the third quarter worth approximately $45,000. Finally, Allworth Financial LP boosted its holdings in Bank of Nova Scotia by 122.0% in the third quarter. Allworth Financial LP now owns 715 shares of the bank’s stock worth $46,000 after purchasing an additional 393 shares during the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. TD Securities reiterated a “hold” rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Weiss Ratings upgraded Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a research note on Wednesday, February 25th. Canaccord Genuity Group lowered Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Finally, Royal Bank Of Canada upped 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. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of Nova Scotia presently has a consensus rating of “Hold” and an average target price of $106.00.

Bank of Nova Scotia Stock Performance

Shares of NYSE BNS opened at $70.13 on Friday. Bank of Nova Scotia has a 12-month low of $44.09 and a 12-month high of $78.28. The firm has a market capitalization of $86.36 billion, a price-to-earnings ratio of 14.58, a price-to-earnings-growth ratio of 0.85 and a beta of 1.10. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68. The firm has a 50 day moving average of $73.29 and a 200 day moving average of $70.17.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.06. The business had revenue of $7.40 billion for the quarter, compared to the consensus estimate of $6.99 billion. Bank of Nova Scotia had a net margin of 12.40% and a return on equity of 12.49%. The company’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the firm earned $1.76 earnings per share. On average, research analysts anticipate that Bank of Nova Scotia will post 4.91 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.