The Bank of Nova Scotia (NYSE:BNS) is Portland Investment Counsel Inc.’s 4th Largest Position

Portland Investment Counsel Inc. lowered its position in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 413,029 shares of the bank’s stock after selling 10,362 shares during the period. Bank of Nova Scotia comprises about 8.1% of Portland Investment Counsel Inc.’s holdings, making the stock its 4th largest position. Portland Investment Counsel Inc.’s holdings in Bank of Nova Scotia were worth $22,504,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Mather Group LLC. boosted its stake in Bank of Nova Scotia by 1,388.9% during 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 period. Blue Trust Inc. boosted its stake in shares of Bank of Nova Scotia by 3,127.8% during the second quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock worth $27,000 after buying an additional 563 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after buying an additional 810 shares during the last quarter. City State Bank acquired a new position in Bank of Nova Scotia in the 3rd quarter valued at about $57,000. Finally, EverSource Wealth Advisors LLC raised its stake in Bank of Nova Scotia by 102.1% during the 1st 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 during the last quarter. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Trading Up 0.6 %

NYSE:BNS opened at $57.04 on Friday. The Bank of Nova Scotia has a 52-week low of $43.67 and a 52-week high of $57.05. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61. The stock has a fifty day simple moving average of $53.78 and a 200-day simple moving average of $49.71. The company has a market capitalization of $70.98 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.46 and a beta of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.01. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The company had revenue of $8.36 billion during the quarter, compared to analysts’ expectations of $8.53 billion. During the same quarter in the previous year, the business posted $1.30 earnings per share. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. On average, equities research analysts expect that The Bank of Nova Scotia will post 4.74 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on BNS. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, Barclays upgraded shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Bank of Nova Scotia currently has an average rating of “Moderate Buy” and an average target price of $70.00.

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.