OMERS ADMINISTRATION Corp Sells 362,399 Shares of Bank of Nova Scotia (The) $BNS

OMERS ADMINISTRATION Corp cut its stake in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 13.6% in the fourth quarter, Holdings Channel reports. The fund owned 2,303,450 shares of the bank’s stock after selling 362,399 shares during the period. Bank of Nova Scotia comprises approximately 1.2% of OMERS ADMINISTRATION Corp’s holdings, making the stock its 23rd biggest position. OMERS ADMINISTRATION Corp’s holdings in Bank of Nova Scotia were worth $170,110,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BNS. Canerector Inc. lifted its holdings in shares of Bank of Nova Scotia by 8,899.0% during the third quarter. Canerector Inc. now owns 26,997,000 shares of the bank’s stock valued at $1,745,356,000 after acquiring an additional 26,697,000 shares during the period. Norges Bank bought a new position in shares of Bank of Nova Scotia during the fourth quarter valued at $1,368,456,000. Zurich Insurance Group Ltd FI bought a new position in shares of Bank of Nova Scotia during the third quarter valued at $138,394,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Bank of Nova Scotia by 30.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,690,883 shares of the bank’s stock valued at $497,197,000 after acquiring an additional 1,772,608 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Bank of Nova Scotia by 27.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 6,969,396 shares of the bank’s stock valued at $515,094,000 after acquiring an additional 1,505,221 shares during the period. 49.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BNS has been the subject of a number of analyst reports. TD Securities reissued a “hold” rating on shares of Bank of Nova Scotia in a report on Tuesday, March 3rd. Royal Bank Of Canada lifted their price objective 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. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of Nova Scotia in a report on Friday, May 22nd. Finally, Canaccord Genuity Group cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Monday, March 9th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $117.00.

Bank of Nova Scotia Price Performance

Shares of BNS stock opened at $84.63 on Tuesday. The stock has a 50-day moving average price of $77.46 and a 200 day moving average price of $74.53. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. The firm 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 12 month low of $53.74 and a 12 month high of $85.07.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.05. The firm had revenue of $7.24 billion during the quarter, compared to analyst estimates of $7.13 billion. Bank of Nova Scotia had a return on equity of 13.16% and a net margin of 13.38%.The company’s revenue was up 8.3% on a year-over-year basis. During the same period last year, the company earned $1.52 earnings per share. Research analysts expect that Bank of Nova Scotia will post 6.05 EPS for the current 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.