Picton Mahoney Asset Management Buys New Stake in Bank of Nova Scotia (The) $BNS

Picton Mahoney Asset Management purchased a new position in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the third quarter, Holdings Channel.com reports. The fund purchased 210,620 shares of the bank’s stock, valued at approximately $13,615,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BNS. Motco raised its position in shares of Bank of Nova Scotia by 1.2% in the third quarter. Motco now owns 14,832 shares of the bank’s stock worth $959,000 after acquiring an additional 181 shares during the period. Pacifica Partners Inc. grew its position in shares of Bank of Nova Scotia by 1.0% during the 3rd quarter. Pacifica Partners Inc. now owns 18,998 shares of the bank’s stock valued at $1,227,000 after acquiring an additional 190 shares during the period. Addison Advisors LLC increased its stake in shares of Bank of Nova Scotia by 6.5% in the 2nd quarter. Addison Advisors LLC now owns 3,275 shares of the bank’s stock valued at $181,000 after purchasing an additional 199 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in Bank of Nova Scotia by 9.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,373 shares of the bank’s stock worth $153,000 after purchasing an additional 208 shares during the period. Finally, Fiera Capital Corp boosted its position in Bank of Nova Scotia by 0.5% during the third quarter. Fiera Capital Corp now owns 45,482 shares of the bank’s stock worth $2,940,000 after purchasing an additional 213 shares in the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Up 1.3%

NYSE BNS opened at $74.38 on Thursday. The business has a fifty day moving average price of $74.80 and a 200 day moving average price of $68.96. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $91.69 billion, a P/E ratio of 15.46, a P/E/G ratio of 0.89 and a beta of 1.10. Bank of Nova Scotia has a one year low of $44.09 and a one year high of $78.28.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its earnings results on Tuesday, February 24th. The bank reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.06. The company had revenue of $7.40 billion for the quarter, compared to analysts’ expectations of $6.99 billion. Bank of Nova Scotia had a net margin of 12.40% and a return on equity of 12.49%. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.76 EPS. Research analysts anticipate that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Weiss Ratings raised Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a report on Wednesday, February 25th. Raymond James Financial initiated coverage on shares of Bank of Nova Scotia in a research note on Tuesday, November 25th. They issued an “outperform” rating on the stock. TD Securities restated a “hold” rating on shares of Bank of Nova Scotia in a research report on Tuesday. Finally, Royal Bank Of Canada increased their price objective on shares of Bank of Nova Scotia from $97.00 to $106.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Bank of Nova Scotia presently has an average rating of “Hold” and an average price target of $106.00.

Bank of Nova Scotia Company 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.