Louisbourg Investments Inc. Grows Stake in Bank of Nova Scotia (The) $BNS

Louisbourg Investments Inc. grew its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 15.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 89,518 shares of the bank’s stock after purchasing an additional 12,283 shares during the quarter. Louisbourg Investments Inc.’s holdings in Bank of Nova Scotia were worth $6,195,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Maseco LLP purchased a new position in Bank of Nova Scotia during the 1st quarter worth $30,000. Swiss RE Ltd. purchased a new stake in Bank of Nova Scotia in the fourth quarter valued at about $30,000. Brown Brothers Harriman & Co. acquired a new stake in Bank of Nova Scotia in the fourth quarter worth about $34,000. Quarry LP acquired a new stake in Bank of Nova Scotia in the third quarter worth about $35,000. Finally, Virtus Advisers LLC purchased a new stake in shares of Bank of Nova Scotia during the third quarter worth about $39,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BNS shares. Canaccord Genuity Group downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Royal Bank Of Canada lifted their target price 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 reissued a “buy (b)” rating on shares of Bank of Nova Scotia in a research report on Friday, May 22nd. Finally, TD Securities restated a “hold” rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $117.00.

Bank of Nova Scotia Stock Performance

BNS opened at $86.32 on Friday. Bank of Nova Scotia has a 12-month low of $54.29 and a 12-month high of $87.97. 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 firm has a market capitalization of $105.74 billion, a PE ratio of 16.47, a P/E/G ratio of 1.07 and a beta of 1.12. The firm has a 50 day moving average of $80.01 and a two-hundred day moving average of $75.54.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, beating the consensus estimate of $1.42 by $0.05. The business had revenue of $7.24 billion for the quarter, compared to the consensus estimate of $7.13 billion. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.52 EPS. On average, analysts anticipate that Bank of Nova Scotia will post 6.01 EPS for the current 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.