Hillsdale Investment Management Inc. Has $47.39 Million Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Hillsdale Investment Management Inc. boosted its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 370.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 883,511 shares of the bank’s stock after purchasing an additional 695,519 shares during the quarter. Bank of Nova Scotia makes up approximately 2.4% of Hillsdale Investment Management Inc.’s holdings, making the stock its 9th biggest position. Hillsdale Investment Management Inc. owned 0.07% of Bank of Nova Scotia worth $47,391,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Bank of Nova Scotia during the 4th quarter worth approximately $31,000. Allworth Financial LP raised its holdings in shares of Bank of Nova Scotia by 121.1% during the 4th quarter. Allworth Financial LP now owns 639 shares of the bank’s stock worth $33,000 after acquiring an additional 350 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Bank of Nova Scotia by 1,588.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after acquiring an additional 810 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Bank of Nova Scotia during the 4th quarter worth approximately $73,000. Finally, Wilmington Savings Fund Society FSB purchased a new stake in shares of Bank of Nova Scotia during the 3rd quarter worth approximately $111,000. 49.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BNS has been the topic of several recent research reports. Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Finally, Royal Bank of Canada decreased their price target on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $81.00.

Bank of Nova Scotia Stock Performance

NYSE:BNS opened at $48.01 on Friday. The stock’s fifty day moving average is $50.15 and its 200 day moving average is $52.40. The Bank of Nova Scotia has a fifty-two week low of $43.68 and a fifty-two week high of $57.07. The firm has a market capitalization of $59.80 billion, a PE ratio of 11.11, a PEG ratio of 1.16 and a beta of 1.11. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st will be given a $0.7415 dividend. This represents a $2.97 annualized dividend and a yield of 6.18%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 82.77%.

Bank of Nova Scotia Company 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.