Ninepoint Partners LP Takes Position in The Bank of Nova Scotia (NYSE:BNS)

Ninepoint Partners LP acquired a new stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in the fourth quarter, Holdings Channel.com reports. The firm acquired 55,356 shares of the bank’s stock, valued at approximately $2,974,000. Bank of Nova Scotia comprises 0.4% of Ninepoint Partners LP’s portfolio, making the stock its 21st biggest position.

Other large investors also recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Bank of Nova Scotia in the fourth quarter valued at approximately $31,000. Allworth Financial LP boosted its position in shares of Bank of Nova Scotia by 121.1% in the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock valued at $33,000 after acquiring an additional 350 shares during the period. BNP Paribas Financial Markets lifted its position in 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 purchasing an additional 810 shares during the last quarter. Fortitude Family Office LLC bought a new stake in Bank of Nova Scotia during the fourth quarter valued at approximately $73,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Bank of Nova Scotia during the third quarter valued at approximately $111,000. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Trading Up 1.6 %

BNS stock opened at $47.98 on Friday. The company has a market capitalization of $59.77 billion, a PE ratio of 11.11, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11. The Bank of Nova Scotia has a one year low of $43.68 and a one year high of $57.07. The company’s 50 day moving average price is $50.53 and its two-hundred day moving average price is $52.46. 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 company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be paid a $0.7415 dividend. This represents a $2.97 annualized dividend and a dividend yield of 6.18%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia’s payout ratio is 82.77%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Cibc World Mkts lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Finally, Royal Bank of Canada decreased their price target on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of “Hold” and a consensus target price of $75.50.

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.