Cornerstone Wealth Management LLC Grows Stake in The Bank of Nova Scotia (NYSE:BNS)

Cornerstone Wealth Management LLC boosted its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,020 shares of the bank’s stock after purchasing an additional 401 shares during the period. Cornerstone Wealth Management LLC’s holdings in Bank of Nova Scotia were worth $1,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its stake in shares of Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after acquiring an additional 810 shares in the last quarter. City State Bank bought a new stake in shares of Bank of Nova Scotia during the third quarter valued at approximately $57,000. Fortitude Family Office LLC bought a new position in Bank of Nova Scotia in the fourth quarter worth approximately $73,000. Blue Trust Inc. raised its stake in Bank of Nova Scotia by 171.6% in the third quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock worth $86,000 after buying an additional 997 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in Bank of Nova Scotia in the third quarter worth approximately $111,000. Institutional investors own 49.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BNS. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Royal Bank of Canada boosted their price objective on shares of Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 4th. UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Barclays raised shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 21st. Finally, Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Bank of Nova Scotia presently has an average rating of “Moderate Buy” and a consensus target price of $72.00.

Bank of Nova Scotia Stock Up 0.3 %

Shares of NYSE BNS opened at $51.88 on Friday. The company has a 50 day simple moving average of $54.07 and a 200-day simple moving average of $51.54. The company has a market capitalization of $64.61 billion, a P/E ratio of 12.01, a P/E/G ratio of 1.16 and a beta of 1.08. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 29th. Stockholders of record on Tuesday, January 7th will be issued a dividend of $0.7535 per share. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.81%. Bank of Nova Scotia’s dividend payout ratio is currently 68.29%.

About Bank of Nova Scotia

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.