Cumberland Partners Ltd Has $36.43 Million Holdings in Bank of Nova Scotia (The) $BNS

Cumberland Partners Ltd lowered its holdings in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 4.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 526,323 shares of the bank’s stock after selling 26,496 shares during the period. Bank of Nova Scotia makes up about 2.8% of Cumberland Partners Ltd’s portfolio, making the stock its 11th largest holding. Cumberland Partners Ltd’s holdings in Bank of Nova Scotia were worth $36,431,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Bank of Nova Scotia during the 4th quarter worth approximately $1,368,456,000. FIL Ltd increased its stake in shares of Bank of Nova Scotia by 49.5% in the 4th quarter. FIL Ltd now owns 16,489,540 shares of the bank’s stock valued at $1,216,157,000 after purchasing an additional 5,461,052 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Bank of Nova Scotia by 3,120.1% during the 4th quarter. AQR Capital Management LLC now owns 3,556,295 shares of the bank’s stock worth $262,284,000 after buying an additional 3,445,856 shares in the last quarter. Zurich Insurance Group Ltd FI acquired a new position in shares of Bank of Nova Scotia during the 3rd quarter worth $138,394,000. Finally, Alberta Investment Management Corp bought a new stake in shares of Bank of Nova Scotia during the 4th quarter worth $121,032,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Stock Up 0.5%

NYSE:BNS opened at $87.03 on Friday. The firm’s 50 day simple moving average is $84.26 and its 200 day simple moving average is $77.51. The company has a market cap of $106.61 billion, a PE ratio of 16.61, a P/E/G ratio of 1.07 and a beta of 1.11. Bank of Nova Scotia has a one year low of $55.21 and a one year high of $90.47. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.04 and a quick ratio of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.05. Bank of Nova Scotia had a net margin of 13.38% and a return on equity of 13.16%. The company had revenue of $7.24 billion for the quarter, compared to analysts’ expectations of $7.13 billion. During the same quarter in the previous year, the firm posted $1.52 earnings per share. Bank of Nova Scotia’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, research analysts anticipate that Bank of Nova Scotia will post 6.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on BNS. Royal Bank Of Canada lifted their price target on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the company a “sector perform” rating in a report on Thursday, May 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of Nova Scotia in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Bank of Nova Scotia currently has an average rating of “Hold” and a consensus target price of $117.00.

About Bank of Nova Scotia

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.