Sumitomo Life Insurance Co. Acquires Shares of 8,400 Bank of Nova Scotia (The) $BNS

Sumitomo Life Insurance Co. bought a new position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,400 shares of the bank’s stock, valued at approximately $729,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Prospera Financial Services Inc grew its holdings in shares of Bank of Nova Scotia by 3.9% during the fourth quarter. Prospera Financial Services Inc now owns 4,625 shares of the bank’s stock valued at $341,000 after buying an additional 173 shares during the last quarter. Larson Financial Group LLC increased its position in shares of Bank of Nova Scotia by 22.3% during the fourth quarter. Larson Financial Group LLC now owns 1,280 shares of the bank’s stock valued at $94,000 after acquiring an additional 233 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Bank of Nova Scotia by 8.1% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,193 shares of the bank’s stock worth $235,000 after acquiring an additional 239 shares during the last quarter. Parallel Advisors LLC raised its holdings in Bank of Nova Scotia by 8.5% in the 3rd quarter. Parallel Advisors LLC now owns 3,326 shares of the bank’s stock worth $215,000 after acquiring an additional 261 shares during the last quarter. Finally, Kathmere Capital Management LLC lifted its position in Bank of Nova Scotia by 8.5% in the 1st quarter. Kathmere Capital Management LLC now owns 3,579 shares of the bank’s stock valued at $248,000 after acquiring an additional 281 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Keefe, Bruyette & Woods initiated coverage on Bank of Nova Scotia in a research note on Friday. They set an “outperform” rating on the stock. Royal Bank Of Canada boosted their price target on 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. Finally, Weiss Ratings downgraded Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Bank of Nova Scotia currently has an average rating of “Moderate Buy” and an average target price of $117.00.

Bank of Nova Scotia Stock Performance

Shares of BNS stock opened at $87.56 on Friday. 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 company has a 50 day moving average price of $87.58 and a 200-day moving average price of $79.57. Bank of Nova Scotia has a 52 week low of $56.55 and a 52 week high of $92.04. The firm has a market capitalization of $106.72 billion, a PE ratio of 16.71, a P/E/G ratio of 1.09 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The company had revenue of $7.24 billion for the quarter, compared to the consensus estimate of $7.13 billion. During the same quarter in the prior year, the firm earned $1.52 earnings per share. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, equities research analysts expect that Bank of Nova Scotia will post 6.03 earnings per share 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.