Intact Investment Management Lowers stake in Bank of Nova Scotia (BNS)

Bank of Nova Scotia (BNS) : Intact Investment Management reduced its stake in Bank of Nova Scotia by 26.15% during the most recent quarter end. The investment management company now holds a total of 1,654,535 shares of Bank of Nova Scotia which is valued at $80.1 Million after selling 585,715 shares in Bank of Nova Scotia , the firm said in a disclosure report filed with the SEC on May 13, 2016.Bank of Nova Scotia makes up approximately 3.89% of Intact Investment Management’s portfolio.

Other Hedge Funds, Including , Shoker Investment Counsel boosted its stake in BNS in the latest quarter, The investment management firm added 717 additional shares and now holds a total of 7,722 shares of Bank of Nova Scotia which is valued at $373,899. Bank of Nova Scotia makes up approx 0.35% of Shoker Investment Counsel’s portfolio. Pacad Investment Ltd. sold out all of its stake in BNS during the most recent quarter. The investment firm sold 14,300 shares of BNS which is valued $688,116. Arcadia Investment Management Corpmi added BNS to its portfolio by purchasing 160 company shares during the most recent quarter which is valued at $8,392. Midas Management Corp added BNS to its portfolio by purchasing 24,300 company shares during the most recent quarter which is valued at $1.3 Million. Bank of Nova Scotia makes up approx 0.65% of Midas Management Corp’s portfolio.

Bank of Nova Scotia opened for trading at $48.87 and hit $49.73 on the upside on Wednesday, eventually ending the session at $49.67, with a gain of 2.41% or 1.17 points. The heightened volatility saw the trading volume jump to 8,45,319 shares. Company has a market cap of $59,733 M.

On the company’s financial health, Bank of Nova Scotia reported $1.43 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Mar 1, 2016. Analyst had a consensus of $1.41. The company had revenue of $6365.00 million for the quarter, compared to analysts expectations of $6324.19 million. The company’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.35 EPS.

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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