TD Asset Management, Inc. recently announced the acquisition of new stake in The Bank of Nova Scotia (NYSE:BNS). The institutional investor has increased its shareholding in the Financial company by 2.42% to 42.73 million shares with purchase of 1.01 million shares. This fresh investment now brings its stake to 3.59% valued currently at $2.11 billion. In addition, 1832 Asset Management LP raised its holdings by 0.12 million to 28.93 million shares. And The Vanguard Group, Inc. has lifted its position by 0.12% or 33325.0 shares – to 28.79 million shares.
With over 3.16 million The Bank of Nova Scotia (BNS) shares trading Friday and a closing price of $47.53 on the day, the dollar volume was approximately $150.25 million. The shares have shown a negative half year performance of -14.28% and its price on 03/10/23 lost nearly -2.34%. Currently, there are 1.19B common shares owned by the public and among those 1.19B shares have been available to trade.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for BNS have a consensus price objective of $49.80. The analysts have set the share’s price value over the next 12 months at a high of $52.00 and a low of $47.59. The average price target is 12.24% above its recent price level and an upside to the estimated low will see the stock gain 0.13% over that period. But an upside of 8.6% will see the stock hit the forecast high price target while median target price for the stock is $49.80.
The top 3 mutual fund holders in The Bank of Nova Scotia are Vanguard Total International Stoc, Government Pension Fund – Global, and RBC Canadian Dividend Fund. Vanguard Total International Stoc owns 15.72 million shares of the company’s stock, all valued at over $777.97 million. The company sold -0.11 million shares recently to bring their total holdings to about 1.32% of the shares outstanding. Government Pension Fund – Global bought 1.39 million shares to see its total holdings expand to 11.73 million shares valued at over $580.38 million and representing 0.99% of the shares outstanding. RBC Canadian Dividend Fund sold -0.62 million shares to bring its total holdings to over 11.49 million shares at a value of $568.31 million. RBC Canadian Dividend Fund now owns shares totaling to 0.96% of the shares outstanding.
Shares of The Bank of Nova Scotia (NYSE: BNS) opened at $48.59, down -$0.08 from a prior closing price of $48.67. However, the script later moved the day high at 48.67, down -2.34%. The company’s stock has a 5-day price change of -7.67% and -4.56% over the past three months. BNS shares are trading -2.96% year to date (YTD), with the 12-month market performance down to -34.28% lower. It has a 12-month low price of $45.26 and touched a high of $74.82 over the same period. BNS has an average intraday trading volume of 1.51 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -9.47%, -8.57%, and -12.67% respectively.
Institutional ownership of The Bank of Nova Scotia (NYSE: BNS) shares accounts for 65.50% of the company’s 1.19B shares outstanding. Mutual fund holders own 20.32%, while other institutional holders and individual stakeholders account for 27.21% and — respectively.
It has a market capitalization of $58.01B and a beta (3y monthly) value of 1.00. The stock’s trailing 12-month PE ratio is 9.08, while the earnings-per-share (ttm) stands at $5.23. The company has a PEG of 5.34 and the debt-to-equity ratio at 0.13. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.28% over the week and 1.85% over the month.
Analysts forecast that The Bank of Nova Scotia (BNS) will achieve an EPS of $1.54 for the current quarter, $1.49 for the next quarter and $6.34 for 2024. The lowest estimate earnings-per-share for the quarter is $1.44 while analysts give the company a high EPS estimate of $1.64. Comparatively, EPS for the current quarter was $1.67 a year ago. Earnings per share for the fiscal year are expected to increase by 4.20%, and 6.30% over the next financial year. EPS should shrink at an annualized rate of 1.70% over the next five years, compared to 4.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate The Bank of Nova Scotia (BNS) as a “Hold” at a consensus score of 3.20. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 3 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Keefe Bruyette was of a view on August 24, 2022 that the stock is Mkt Perform, while BMO Capital Markets gave the stock Market Perform rating on August 24, 2022, issuing a price target of $95. Credit Suisse on their part issued Neutral rating on May 20, 2022.
