Bank of Nova Scotia acquired 24.1 million shares of TELUS. This transaction represents a 1.53% stake in the telecommunications provider. The investment is valued at approximately $255.2 million. Total institutional ownership of TELUS now stands at 49.4%.
The acquisition follows TELUS reporting second-quarter results that missed consensus estimates for both revenue and earnings per share. Analysts currently maintain a consensus rating of Reduce on the stock. The investment signals institutional confidence in the company's long-term prospects despite recent operational challenges.