Cardinal Capital Management Lowers stake in Bank of Nova Scotia (BNS)

Bank of Nova Scotia (BNS) : Cardinal Capital Management reduced its stake in Bank of Nova Scotia by 3.53% during the most recent quarter end. The investment management company now holds a total of 1,056,504 shares of Bank of Nova Scotia which is valued at $55,941,887 after selling 38,631 shares in Bank of Nova Scotia , the firm said in a disclosure report filed with the SEC on Oct 5, 2016.Bank of Nova Scotia makes up approximately 6.35% of Cardinal Capital Management’s portfolio.

Other Hedge Funds, Including , Eqis Capital Management sold out all of its stake in BNS during the most recent quarter. The investment firm sold 4,703 shares of BNS which is valued $249,024.

Bank of Nova Scotia closed down -0.34 points or -0.64% at $52.63 with 8,72,632 shares getting traded on Tuesday. Post opening the session at $52.72, the shares hit an intraday low of $52.3 and an intraday high of $53.26 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

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. 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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