Forsta AP Fonden Trims Stake in Bank of Nova Scotia (The) $BNS

Forsta AP Fonden reduced its position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 6.5% during the second quarter, HoldingsChannel.com reports. The firm owned 368,000 shares of the bank’s stock after selling 25,400 shares during the period. Forsta AP Fonden’s holdings in Bank of Nova Scotia were worth $20,308,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in shares of Bank of Nova Scotia by 3.8% in the second quarter. Bank of New York Mellon Corp now owns 1,200,107 shares of the bank’s stock worth $66,330,000 after purchasing an additional 44,316 shares during the last quarter. Y Intercept Hong Kong Ltd grew its stake in Bank of Nova Scotia by 1,439.7% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 108,750 shares of the bank’s stock worth $6,011,000 after acquiring an additional 101,687 shares in the last quarter. AGF Management Ltd. purchased a new position in shares of Bank of Nova Scotia during the second quarter worth approximately $21,803,000. Scheer Rowlett & Associates Investment Management Ltd. grew its stake in Bank of Nova Scotia by 2.9% in the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 1,188,376 shares of the bank’s stock worth $65,755,000 after purchasing an additional 33,800 shares in the last quarter. Finally, Ritholtz Wealth Management lifted its holdings in shares of Bank of Nova Scotia by 261.9% in the 2nd quarter. Ritholtz Wealth Management now owns 15,811 shares of the bank’s stock worth $874,000 after buying an additional 11,442 shares during the period. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Trading Up 1.5%

Shares of Bank of Nova Scotia stock opened at $67.79 on Thursday. Bank of Nova Scotia has a 12-month low of $44.09 and a 12-month high of $67.96. The firm’s 50 day simple moving average is $64.72 and its two-hundred day simple moving average is $58.19. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $83.92 billion, a price-to-earnings ratio of 18.22, a PEG ratio of 1.49 and a beta of 1.17.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, August 26th. The bank reported $1.37 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.09. The firm had revenue of $6.85 billion for the quarter, compared to analyst estimates of $9.29 billion. Bank of Nova Scotia had a net margin of 9.74% and a return on equity of 11.61%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.63 earnings per share. Analysts predict that Bank of Nova Scotia will post 4.91 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Royal Bank Of Canada raised their target price on shares of Bank of Nova Scotia from $80.00 to $86.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 27th. Wall Street Zen upgraded shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Saturday, August 30th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Bank of Nova Scotia in a report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of Nova Scotia has an average rating of “Hold” and an average target price of $86.00.

Bank of Nova Scotia Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.