Sumitomo Life Insurance Co. Takes Position in Bank of Nova Scotia (The) $BNS

Sumitomo Life Insurance Co. purchased a new position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,400 shares of the bank’s stock, valued at approximately $729,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kepler Cheuvreux Suisse SA lifted its stake in shares of Bank of Nova Scotia by 85.7% in the 4th quarter. Kepler Cheuvreux Suisse SA now owns 246,523 shares of the bank’s stock valued at $18,166,000 after purchasing an additional 113,765 shares during the period. Triasima Portfolio Management inc. grew its stake in Bank of Nova Scotia by 22.6% in the fourth quarter. Triasima Portfolio Management inc. now owns 129,807 shares of the bank’s stock worth $9,586,000 after purchasing an additional 23,925 shares during the period. Vanguard Group Inc. grew its stake in Bank of Nova Scotia by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 57,237,537 shares of the bank’s stock worth $4,221,440,000 after purchasing an additional 1,169,073 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab raised its holdings in Bank of Nova Scotia by 9.3% in the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 178,226 shares of the bank’s stock worth $15,460,000 after purchasing an additional 15,100 shares in the last quarter. Finally, Jupiter Asset Management Ltd. bought a new position in Bank of Nova Scotia in the fourth quarter worth $66,527,000. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock opened at $87.56 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $106.72 billion, a P/E ratio of 16.71, a PEG ratio of 1.09 and a beta of 1.11. The stock’s 50 day moving average is $87.58 and its 200 day moving average is $79.57. Bank of Nova Scotia has a twelve month low of $56.55 and a twelve month high of $92.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Wednesday, May 27th. The bank reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.05. The company 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 firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the company earned $1.52 EPS. On average, equities research analysts predict that Bank of Nova Scotia will post 6.03 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Keefe, Bruyette & Woods assumed coverage on Bank of Nova Scotia in a research report on Friday. They set an “outperform” rating for the company. Royal Bank Of Canada upped their target price on shares of Bank of Nova Scotia from $98.00 to $117.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 28th. Finally, Weiss Ratings lowered shares of Bank of Nova Scotia from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $117.00.

Bank of Nova Scotia 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.