The Bank of Nova Scotia (NYSE:BNS) Stake Cut by Advisors Asset Management Inc.

Advisors Asset Management Inc. decreased its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 28.4% during the third quarter, Holdings Channel.com reports. The firm owned 6,550 shares of the bank’s stock after selling 2,594 shares during the period. Advisors Asset Management Inc.’s holdings in Bank of Nova Scotia were worth $357,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Mather Group LLC. increased its position in Bank of Nova Scotia by 1,388.9% in the 2nd quarter. Mather Group LLC. now owns 536 shares of the bank’s stock worth $25,000 after purchasing an additional 500 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Bank of Nova Scotia by 3,127.8% in the 2nd quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock valued at $27,000 after buying an additional 563 shares in the last quarter. City State Bank bought a new position in Bank of Nova Scotia during the third quarter valued at approximately $57,000. EverSource Wealth Advisors LLC raised its position in Bank of Nova Scotia by 102.1% during the first quarter. EverSource Wealth Advisors LLC now owns 1,605 shares of the bank’s stock valued at $83,000 after acquiring an additional 811 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in Bank of Nova Scotia in the second quarter valued at approximately $104,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Price Performance

Shares of NYSE:BNS opened at $56.72 on Friday. The firm has a market capitalization of $70.58 billion, a PE ratio of 13.57, a PEG ratio of 1.52 and a beta of 1.05. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The Bank of Nova Scotia has a 1-year low of $41.80 and a 1-year high of $56.81. The business’s 50 day moving average is $53.72 and its 200-day moving average is $49.65.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.01. The firm had revenue of $8.36 billion for the quarter, compared to the consensus estimate of $8.53 billion. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The business’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.30 earnings per share. Sell-side analysts predict that The Bank of Nova Scotia will post 4.52 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have commented on BNS. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. UBS Group raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Cibc World Mkts raised shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 20th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Finally, Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.00.

Bank of Nova Scotia Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.