Pictet Asset Management Holding SA Buys 106,031 Shares of The Bank of Nova Scotia (NYSE:BNS)

Pictet Asset Management Holding SA raised its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 18.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 684,568 shares of the bank’s stock after buying an additional 106,031 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Bank of Nova Scotia were worth $36,741,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Geode Capital Management LLC raised its stake in Bank of Nova Scotia by 10.3% in the third quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock valued at $310,817,000 after purchasing an additional 524,496 shares in the last quarter. Galibier Capital Management Ltd. increased its holdings in Bank of Nova Scotia by 38,283.3% in the 4th quarter. Galibier Capital Management Ltd. now owns 476,721 shares of the bank’s stock valued at $25,586,000 after buying an additional 475,479 shares during the period. Bank of New York Mellon Corp raised its position in shares of Bank of Nova Scotia by 7.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,095,285 shares of the bank’s stock valued at $58,839,000 after buying an additional 77,820 shares in the last quarter. Mediolanum International Funds Ltd bought a new stake in shares of Bank of Nova Scotia during the 4th quarter worth approximately $292,000. Finally, Blue Trust Inc. boosted its position in shares of Bank of Nova Scotia by 98.6% during the 4th quarter. Blue Trust Inc. now owns 3,134 shares of the bank’s stock worth $171,000 after acquiring an additional 1,556 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. CIBC restated a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. Finally, Royal Bank of Canada reduced their price objective on 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 investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $81.00.

Bank of Nova Scotia Stock Down 1.2 %

Shares of NYSE:BNS opened at $47.74 on Monday. The Bank of Nova Scotia has a 52-week low of $43.68 and a 52-week high of $57.07. The company has a market capitalization of $59.46 billion, a PE ratio of 11.05, a price-to-earnings-growth 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. The company has a fifty day moving average of $49.87 and a 200-day moving average of $52.33.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st will be issued a $0.7415 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.97 dividend on an annualized basis and a yield of 6.21%. Bank of Nova Scotia’s payout ratio is presently 82.77%.

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.