272,156 Shares in Bank of Nova Scotia (The) $BNS Bought by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co acquired a new position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 272,156 shares of the bank’s stock, valued at approximately $23,647,000.

Several other hedge funds have also recently bought and sold shares of BNS. AQR Capital Management LLC lifted its position in shares of Bank of Nova Scotia by 111.2% in the first quarter. AQR Capital Management LLC now owns 19,096 shares of the bank’s stock worth $911,000 after buying an additional 10,056 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Bank of Nova Scotia during the 2nd quarter valued at about $330,000. EverSource Wealth Advisors LLC increased its holdings in shares of Bank of Nova Scotia by 42.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,165 shares of the bank’s stock valued at $120,000 after acquiring an additional 649 shares during the last quarter. Sei Investments Co. raised 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 valued at $1,172,000 after acquiring an additional 434 shares in the last quarter. Finally, Quantinno Capital Management LP raised its stake in shares of Bank of Nova Scotia by 61.1% in 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 in the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Stock Performance

BNS 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 stock’s 50 day moving average price is $87.58 and its two-hundred day moving average price is $79.57. The firm has a market capitalization of $106.72 billion, a P/E ratio of 16.71, a price-to-earnings-growth ratio of 1.09 and a beta of 1.11. Bank of Nova Scotia has a 12-month low of $56.55 and a 12-month high of $92.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Wednesday, May 27th. The bank reported $1.47 EPS for the quarter, topping 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 company had revenue of $7.24 billion during the quarter, compared to analyst estimates of $7.13 billion. During the same period in the previous year, the company earned $1.52 earnings per share. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, equities analysts forecast that Bank of Nova Scotia will post 6.03 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.