Highstreet Asset Management INC Has Raised Its Bank Of Nova Scotia (BNS) Stake by $28.83 Million

September 8, 2018 - By Jack Shaw

The Bank of Nova Scotia (NYSE:BNS) Logo

Highstreet Asset Management Inc increased its stake in Bank Of Nova Scotia (BNS) by 39.27% based on its latest 2018Q1 regulatory filing with the SEC. Highstreet Asset Management Inc bought 472,609 shares as the company’s stock declined 0.93% with the market. The institutional investor held 1.68 million shares of the major banks company at the end of 2018Q1, valued at $103.24 million, up from 1.20M at the end of the previous reported quarter. Highstreet Asset Management Inc who had been investing in Bank Of Nova Scotia for a number of months, seems to be bullish on the $70.71B market cap company. The stock decreased 0.56% or $0.32 during the last trading session, reaching $56.91. About 698,873 shares traded. The Bank of Nova Scotia (NYSE:BNS) has risen 10.02% since September 8, 2017 and is uptrending. It has underperformed by 2.55% the S&P500.

Highstreet Asset Management Inc, which manages about $1.53B US Long portfolio, decreased its stake in Altria Group Inc. (NYSE:MO) by 84,717 shares to 283,908 shares, valued at $17.69 million in 2018Q1, according to the filing. It also reduced its holding in Brookfield Asset Management Inc. (NYSE:BAM) by 96,896 shares in the quarter, leaving it with 215,704 shares, and cut its stake in Canadian Imperial Bank Of Commerce (NYSE:CM).

More notable recent The Bank of Nova Scotia (NYSE:BNS) news were published by: Fool.ca which released: “Why the Canadian Banks Are Poised to Reach All-time Highs After This Earnings Season” on September 02, 2018, also Fool.ca with their article: “Which of the Big 5 Banks Performed Best in Q3?” published on September 04, 2018, Seekingalpha.com published: “Bank of Nova Scotia declares C$0.85 dividend” on August 28, 2018. More interesting news about The Bank of Nova Scotia (NYSE:BNS) were released by: Fool.ca and their article: “Moody’s Just Revised its Outlook on the Canadian Banking System: Here’s What You Need to Know” published on September 07, 2018 as well as Benzinga.com‘s news article titled: “Benzinga’s Top Upgrades, Downgrades For August 29, 2018” with publication date: August 29, 2018.

The Bank of Nova Scotia (NYSE:BNS) Ratings Coverage

Among 2 analysts covering Bank of Nova Scotia (NYSE:BNS), 0 have Buy rating, 0 Sell and 2 Hold. Therefore 0 are positive. Bank of Nova Scotia had 2 analyst reports since June 5, 2018 according to SRatingsIntel. Bank of America downgraded the stock to “Neutral” rating in Tuesday, June 5 report. The rating was downgraded by Canaccord Genuity to “Hold” on Wednesday, August 29.

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