Cidel Asset Management Inc. Purchases 16,524 Shares of Bank of Nova Scotia (The) $BNS

Cidel Asset Management Inc. increased its position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 11.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 161,500 shares of the bank’s stock after purchasing an additional 16,524 shares during the quarter. Cidel Asset Management Inc.’s holdings in Bank of Nova Scotia were worth $11,164,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in Bank of Nova Scotia by 111.2% during the first quarter. AQR Capital Management LLC now owns 19,096 shares of the bank’s stock valued at $911,000 after buying an additional 10,056 shares during the period. Sivia Capital Partners LLC purchased a new stake in shares of Bank of Nova Scotia in the 2nd quarter worth about $330,000. EverSource Wealth Advisors LLC grew its position in shares of Bank of Nova Scotia by 42.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,165 shares of the bank’s stock worth $120,000 after buying an additional 649 shares during the period. Sei Investments Co. increased its stake in shares of Bank of Nova Scotia by 2.1% in the 2nd quarter. Sei Investments Co. now owns 21,212 shares of the bank’s stock worth $1,172,000 after acquiring an additional 434 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in Bank of Nova Scotia by 61.1% during the 2nd quarter. Quantinno Capital Management LP now owns 66,962 shares of the bank’s stock valued at $3,701,000 after acquiring an additional 25,400 shares during the period. 49.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Bank of Nova Scotia Stock Down 0.6%

BNS stock opened at $86.37 on Wednesday. Bank of Nova Scotia has a fifty-two week low of $54.04 and a fifty-two week high of $87.97. The business’s 50-day moving average is $79.32 and its two-hundred day moving average is $75.25. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market cap of $105.80 billion, a price-to-earnings ratio of 16.48, a P/E/G ratio of 1.07 and a beta of 1.12.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results 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. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The business had revenue of $7.24 billion during the quarter, compared to the consensus estimate of $7.13 billion. During the same period in the previous year, the company posted $1.52 EPS. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. As a group, analysts forecast that Bank of Nova Scotia will post 6.05 earnings per share 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.