The Bank of Nova Scotia (NYSE:BNS) Shares Bought by Alberta Investment Management Corp

Alberta Investment Management Corp lifted its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,126,600 shares of the bank’s stock after buying an additional 44,800 shares during the quarter. Bank of Nova Scotia makes up approximately 0.8% of Alberta Investment Management Corp’s portfolio, making the stock its 18th biggest position. Alberta Investment Management Corp owned 0.17% of Bank of Nova Scotia worth $114,137,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Magnus Financial Group LLC lifted its stake in Bank of Nova Scotia by 4.1% in the fourth quarter. Magnus Financial Group LLC now owns 5,100 shares of the bank’s stock valued at $274,000 after buying an additional 200 shares during the last quarter. Sigma Planning Corp lifted its stake in Bank of Nova Scotia by 1.9% in the third quarter. Sigma Planning Corp now owns 11,089 shares of the bank’s stock valued at $604,000 after buying an additional 210 shares during the last quarter. Signaturefd LLC lifted its stake in Bank of Nova Scotia by 1.2% in the third quarter. Signaturefd LLC now owns 18,470 shares of the bank’s stock valued at $1,006,000 after buying an additional 216 shares during the last quarter. Addison Advisors LLC lifted its stake in Bank of Nova Scotia by 7.3% in the third quarter. Addison Advisors LLC now owns 3,357 shares of the bank’s stock valued at $183,000 after buying an additional 227 shares during the last quarter. Finally, Merit Financial Group LLC lifted its stake in Bank of Nova Scotia by 5.8% in the fourth quarter. Merit Financial Group LLC now owns 4,905 shares of the bank’s stock valued at $264,000 after buying an additional 271 shares during the last quarter. 49.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on BNS. Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 21st. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $72.00.

Bank of Nova Scotia Stock Down 0.5 %

Bank of Nova Scotia stock opened at $50.96 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $63.47 billion, a price-to-earnings ratio of 11.80, a price-to-earnings-growth ratio of 1.16 and a beta of 1.07. The Bank of Nova Scotia has a fifty-two week low of $43.67 and a fifty-two week high of $57.07. The stock’s fifty day moving average is $52.32 and its two-hundred day moving average is $52.21.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th were issued a $0.7535 dividend. This represents a $3.01 annualized dividend and a yield of 5.92%. The ex-dividend date of this dividend was Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio (DPR) is 68.29%.

Bank of Nova Scotia Profile

The Bank of Nova Scotia provides various banking products and services in Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America, and internationally. It operates through Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets segments.