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

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the 2nd quarter, Holdings Channel reports. The firm bought 6,543,050 shares of the bank’s stock, valued at approximately $567,278,000. Bank of Nova Scotia makes up 1.1% of Connor Clark & Lunn Investment Management Ltd.’s investment portfolio, making the stock its 20th biggest holding.

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BNS shares. Royal Bank Of Canada raised their price target 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 cut shares of Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, August 18th. Finally, Keefe, Bruyette & Woods began coverage on shares of Bank of Nova Scotia in a research note on Friday. They issued an “outperform” rating on the stock. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Bank of Nova Scotia presently has an average rating of “Moderate Buy” and an average price target of $117.00.

Bank of Nova Scotia Price Performance

Shares of BNS stock opened at $87.56 on Monday. Bank of Nova Scotia has a twelve month low of $56.55 and a twelve month high of $92.04. 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 simple moving average of $87.58 and a two-hundred day simple moving average of $79.60. The stock has a market capitalization of $106.72 billion, a price-to-earnings ratio of 16.71, a P/E/G ratio of 1.08 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, beating the consensus estimate of $1.42 by $0.05. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The firm had revenue of $7.24 billion for the quarter, compared to analyst estimates of $7.13 billion. During the same quarter last year, the firm posted $1.52 earnings per share. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, analysts predict that Bank of Nova Scotia will post 6.03 EPS for the current fiscal 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.