1,641,000 Shares in Bank of Nova Scotia (The) $BNS Bought by Alberta Investment Management Corp

Alberta Investment Management Corp bought a new position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,641,000 shares of the bank’s stock, valued at approximately $121,032,000.

A number of other hedge funds have also modified their holdings of BNS. Canerector Inc. grew its holdings in shares of 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 acquiring an additional 26,697,000 shares during the last quarter. Norges Bank acquired a new position in shares of Bank of Nova Scotia in the 4th quarter worth $1,368,456,000. Zurich Insurance Group Ltd FI acquired a new position in shares of Bank of Nova Scotia in the 3rd quarter worth $138,394,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Bank of Nova Scotia by 30.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,690,883 shares of the bank’s stock worth $497,197,000 after acquiring an additional 1,772,608 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Bank of Nova Scotia by 27.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 6,969,396 shares of the bank’s stock worth $515,094,000 after acquiring an additional 1,505,221 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Royal Bank Of Canada lifted their target price on Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a report on Thursday, May 28th. Canaccord Genuity Group downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of Nova Scotia in a report on Friday, May 22nd. Finally, TD Securities reiterated a “hold” rating on shares of Bank of Nova Scotia in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $117.00.

Bank of Nova Scotia Price Performance

BNS opened at $84.63 on Tuesday. The stock has a market cap of $103.67 billion, a price-to-earnings ratio of 16.15, a PEG ratio of 1.03 and a beta of 1.12. Bank of Nova Scotia has a 1 year low of $53.74 and a 1 year high of $85.07. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69. The stock has a fifty day moving average price of $77.46 and a 200 day moving average price of $74.53.

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, beating analysts’ consensus estimates of $1.42 by $0.05. The firm had revenue of $7.24 billion during the quarter, compared to analysts’ expectations of $7.13 billion. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The business’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.52 earnings per share. Analysts forecast that Bank of Nova Scotia will post 6.05 EPS 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.