Eldred Rock Partners LLC Has $15.30 Million Position in Bank of Nova Scotia (The) $BNS

Eldred Rock Partners LLC lessened its holdings in shares of Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 10.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 207,561 shares of the bank’s stock after selling 23,443 shares during the period. Bank of Nova Scotia accounts for approximately 4.0% of Eldred Rock Partners LLC’s holdings, making the stock its 7th biggest position. Eldred Rock Partners LLC’s holdings in Bank of Nova Scotia were worth $15,295,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Blue Trust Inc. boosted its stake in Bank of Nova Scotia by 2,546.7% during the fourth quarter. Blue Trust Inc. now owns 794 shares of the bank’s stock worth $59,000 after acquiring an additional 764 shares in the last quarter. Nisa Investment Advisors LLC purchased a new stake in Bank of Nova Scotia in the fourth quarter worth about $50,000. J. Safra Sarasin Holding AG increased its stake in shares of Bank of Nova Scotia by 25.0% during the fourth quarter. J. Safra Sarasin Holding AG now owns 13,873 shares of the bank’s stock valued at $1,025,000 after purchasing an additional 2,776 shares in the last quarter. Mn Services Vermogensbeheer B.V. increased its stake in shares of Bank of Nova Scotia by 17.0% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 285,843 shares of the bank’s stock valued at $21,109,000 after purchasing an additional 41,443 shares in the last quarter. Finally, AAFMAA Wealth Management & Trust LLC purchased a new position in shares of Bank of Nova Scotia during the fourth quarter valued at approximately $499,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Trading Down 0.1%

Shares of NYSE BNS opened at $70.13 on Friday. The firm’s 50 day moving average price is $73.29 and its 200-day moving average price is $70.17. Bank of Nova Scotia has a 52-week low of $44.09 and a 52-week high of $78.28. 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 $86.36 billion, a PE ratio of 14.58, a P/E/G ratio of 0.85 and a beta of 1.10.

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

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Canaccord Genuity Group cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 9th. TD Securities reiterated a “hold” rating on shares of Bank of Nova Scotia in a research note on Tuesday, March 3rd. Royal Bank Of Canada boosted their target price on Bank of Nova Scotia from $97.00 to $106.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 25th. Finally, Weiss Ratings raised Bank of Nova Scotia from a “hold (c+)” rating to a “buy (b)” rating in a research note on Wednesday, February 25th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $106.00.

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.