Hsbc Holdings PLC Makes New Investment in Bank of Nova Scotia (The) $BNS

Hsbc Holdings PLC acquired a new stake in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 7,423 shares of the bank’s stock, valued at approximately $512,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kathmere Capital Management LLC increased its holdings in Bank of Nova Scotia by 8.5% during the 1st quarter. Kathmere Capital Management LLC now owns 3,579 shares of the bank’s stock valued at $248,000 after purchasing an additional 281 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of Bank of Nova Scotia during the first quarter valued at approximately $5,665,000. Keybank National Association OH raised its holdings in shares of Bank of Nova Scotia by 19.6% during the first quarter. Keybank National Association OH now owns 25,475 shares of the bank’s stock valued at $1,766,000 after acquiring an additional 4,181 shares in the last quarter. USS Investment Management Ltd raised its holdings in shares of Bank of Nova Scotia by 1.0% during the first quarter. USS Investment Management Ltd now owns 191,637 shares of the bank’s stock valued at $13,280,000 after acquiring an additional 1,940 shares in the last quarter. Finally, MQS Management LLC purchased a new stake in Bank of Nova Scotia in the first quarter worth $734,000. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock opened at $87.80 on Friday. Bank of Nova Scotia has a fifty-two week low of $55.21 and a fifty-two week high of $90.47. The stock’s 50 day simple moving average is $85.15 and its two-hundred day simple moving average is $78.02. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market cap of $107.23 billion, a price-to-earnings ratio of 16.76, a PEG ratio of 1.09 and a beta of 1.11.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its earnings results on Wednesday, May 27th. The bank reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.52 EPS. As a group, analysts expect that Bank of Nova Scotia will post 6.01 earnings per share for the current fiscal year.

Analyst Ratings Changes

BNS has been the topic of several recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of Nova Scotia in a report on Friday, May 22nd. Royal Bank Of Canada upped 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 report on Thursday, May 28th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Bank of Nova Scotia has a consensus rating of “Hold” and an average target price of $117.00.

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.