I.g. Investment Management Ltd. Lowers stake in Bank of Nova Scotia (BNS)

Bank of Nova Scotia (BNS) : I.g. Investment Management Ltd. reduced its stake in Bank of Nova Scotia by 3.45% during the most recent quarter end. The investment management company now holds a total of 29,903,929 shares of Bank of Nova Scotia which is valued at $1,542,444,658 after selling 1,069,436 shares in Bank of Nova Scotia , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Bank of Nova Scotia makes up approximately 6.00% of I.g. Investment Management Ltd.’s portfolio.

Other Hedge Funds, Including , Numeric Investors boosted its stake in BNS in the latest quarter, The investment management firm added 299,100 additional shares and now holds a total of 334,800 shares of Bank of Nova Scotia which is valued at $17,268,984. Bank of Nova Scotia makes up approx 0.18% of Numeric Investors’s portfolio.Nn Investment Partners Holdings N.v. boosted its stake in BNS in the latest quarter, The investment management firm added 57,071 additional shares and now holds a total of 90,019 shares of Bank of Nova Scotia which is valued at $4,817,817. Bank of Nova Scotia makes up approx 0.05% of Nn Investment Partners Holdings N.v.’s portfolio.

Bank of Nova Scotia opened for trading at $52.97 and hit $53.38 on the upside on Monday, eventually ending the session at $53.28, with a gain of 0.45% or 0.24 points. The heightened volatility saw the trading volume jump to 5,11,878 shares. Company has a market cap of $64,185 M.

On the company’s financial health, Bank of Nova Scotia reported $1.54 EPS for the quarter, beating the analyst consensus estimate by $ 0.06 according to the earnings call on Aug 30, 2016. Analyst had a consensus of $1.48.Analysts expectations of $ 6602.95.During the same quarter in the previous year, the company posted $1.45 EPS.

Many Wall Street Analysts have commented on Bank of Nova Scotia. Bank of Nova Scotia was Initiated by BofA/Merrill to “Buy” on Nov 1, 2016. Company shares were Reiterated by RBC Capital Mkts on Aug 31, 2016 to “Outperform”, Firm has raised the Price Target to $ 77 from a previous price target of $72 .

The Bank of Nova Scotia (the Bank) is a Canada-based diversified financial institution. The Bank offered a range of products and services including retail commercial corporate and investment banking to more than 21 million customers in more than 55 countries around the world. The Bank has four business lines: Canadian Banking International Banking Scotia Capital and Global Wealth Management. The Canadian Banking segment provided a range of banking and investing services to more than 7.7 million customers across Canada through a network of 1190 branches 3869 automated banking machine (ABMs) as well as telephone Internet banking and third-party channels. International Banking includes Scotiabank’s retail and commercial banking operations in more than 55 countries outside Canada. Global Wealth Management (GWM) consists of wealth management insurance and Global Transaction Banking businesses.

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