Zurcher Kantonalbank Zurich Cantonalbank Reduces Stake in Bank of Nova Scotia (The) (BNS)
Zurcher Kantonalbank Zurich Cantonalbank lowered its position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 17.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 754,716 shares of the bank’s stock after selling 159,654 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.06% of Bank of Nova Scotia (The) worth $45,336,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Advisory Services Network LLC purchased a new position in Bank of Nova Scotia (The) during the first quarter worth $111,000. IFP Advisors Inc raised its position in Bank of Nova Scotia (The) by 46.7% in the second quarter. IFP Advisors Inc now owns 2,077 shares of the bank’s stock worth $125,000 after buying an additional 661 shares during the period. Janney Montgomery Scott LLC purchased a new position in Bank of Nova Scotia (The) during the first quarter worth $203,000. CAPROCK Group Inc. purchased a new position in Bank of Nova Scotia (The) during the second quarter worth $211,000. Finally, Nwam LLC purchased a new position in Bank of Nova Scotia (The) during the second quarter worth $215,000. Institutional investors and hedge funds own 50.07% of the company’s stock.
Bank of Nova Scotia (NYSE BNS) traded up 0.53% on Friday, hitting $62.21. The stock had a trading volume of 420,711 shares. The stock has a 50-day moving average of $61.64 and a 200-day moving average of $59.16. The company has a market cap of $74.77 billion, a PE ratio of 12.56 and a beta of 1.26. Bank of Nova Scotia has a one year low of $51.21 and a one year high of $63.07.
Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, May 30th. The bank reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.08. Bank of Nova Scotia (The) had a return on equity of 14.45% and a net margin of 22.17%. The business had revenue of $6.58 billion during the quarter, compared to analysts’ expectations of $6.73 billion. During the same period in the previous year, the firm earned $1.46 earnings per share. The firm’s quarterly revenue was down .2% compared to the same quarter last year. Equities analysts expect that Bank of Nova Scotia will post $5.16 earnings per share for the current fiscal year.
Bank of Nova Scotia (The) declared that its board has initiated a share repurchase plan on Tuesday, May 30th that allows the company to repurchase 24,000,000 shares. This repurchase authorization allows the bank to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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A number of equities analysts recently weighed in on the stock. BidaskClub lowered shares of Bank of Nova Scotia (The) from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Zacks Investment Research upgraded shares of Bank of Nova Scotia (The) from a “hold” rating to a “buy” rating and set a $69.00 target price on the stock in a research report on Tuesday, July 18th. Bank of America Corporation boosted their target price on shares of Bank of Nova Scotia (The) from $81.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, May 31st. National Bank Financial restated an “outperform overweight” rating on shares of Bank of Nova Scotia (The) in a research report on Thursday, May 18th. Finally, Canaccord Genuity began coverage on shares of Bank of Nova Scotia (The) in a research report on Tuesday, July 18th. They set a “buy” rating on the stock. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $74.67.
Bank of Nova Scotia (The) Company Profile
The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
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