M&T Bank Corp Takes Position in Bank of Nova Scotia (The) $BNS

M&T Bank Corp purchased a new stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 8,063 shares of the bank’s stock, valued at approximately $594,000.

A number of other hedge funds have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its position in shares of Bank of Nova Scotia by 9.6% in the third quarter. EverSource Wealth Advisors LLC now owns 2,373 shares of the bank’s stock valued at $153,000 after buying an additional 208 shares in the last quarter. Fiera Capital Corp increased its position in shares of Bank of Nova Scotia by 0.5% in the third quarter. Fiera Capital Corp now owns 45,482 shares of the bank’s stock valued at $2,940,000 after buying an additional 213 shares in the last quarter. Parallel Advisors LLC increased its position in shares of Bank of Nova Scotia by 8.5% in the third quarter. Parallel Advisors LLC now owns 3,326 shares of the bank’s stock valued at $215,000 after buying an additional 261 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Bank of Nova Scotia by 5.6% in the third quarter. Private Advisor Group LLC now owns 6,389 shares of the bank’s stock valued at $413,000 after buying an additional 338 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of Bank of Nova Scotia by 7.9% in the fourth quarter. Farther Finance Advisors LLC now owns 4,844 shares of the bank’s stock valued at $357,000 after buying an additional 354 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Down 0.7%

Shares of NYSE:BNS opened at $77.02 on Tuesday. The stock’s 50-day moving average price is $72.80 and its two-hundred day moving average price is $72.12. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.68. Bank of Nova Scotia has a 12-month low of $50.23 and a 12-month high of $79.00. The firm has a market cap of $94.66 billion, a price-to-earnings ratio of 16.01, a PEG ratio of 0.94 and a beta of 1.13.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.42 by $0.06. Bank of Nova Scotia had a return on equity of 12.49% and a net margin of 12.40%.The firm had revenue of $7.40 billion for the quarter, compared to analyst estimates of $6.99 billion. During the same period last year, the company earned $1.76 EPS. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. On average, research analysts forecast that Bank of Nova Scotia will post 6.05 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on BNS shares. Canaccord Genuity Group lowered Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 9th. Royal Bank Of Canada lifted their price objective on Bank of Nova Scotia from $97.00 to $106.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. Weiss Ratings upgraded Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a research report on Wednesday, February 25th. Finally, TD Securities reiterated a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $106.00.

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.