Adero Partners LLC Raises Stock Holdings in The Bank of Nova Scotia (NYSE:BNS)

Adero Partners LLC boosted its holdings in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 9.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 4,096 shares of the bank’s stock after purchasing an additional 337 shares during the period. Adero Partners LLC’s holdings in Bank of Nova Scotia were worth $220,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BNS. Toronto Dominion Bank lifted its position in shares of Bank of Nova Scotia by 9.6% in the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after acquiring an additional 2,195,604 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Bank of Nova Scotia by 24.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock valued at $640,624,000 after acquiring an additional 2,346,995 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Bank of Nova Scotia by 2.4% in the third quarter. CIBC Asset Management Inc now owns 10,074,518 shares of the bank’s stock valued at $550,729,000 after purchasing an additional 240,803 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of 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 during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Bank of Nova Scotia by 260.1% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock valued at $298,575,000 after purchasing an additional 3,958,580 shares during the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Analysts Set New Price Targets

BNS has been the subject of several recent research reports. UBS Group raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Royal Bank of Canada increased their price target on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a report on Wednesday, December 4th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. One 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $72.00.

Bank of Nova Scotia Price Performance

BNS stock opened at $50.90 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $63.39 billion, a PE ratio of 11.78, a P/E/G ratio of 1.16 and a beta of 1.07. The Bank of Nova Scotia has a 12-month low of $43.67 and a 12-month high of $57.07. The business’s fifty day moving average price is $53.22 and its 200 day moving average price is $51.85.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were paid a dividend of $0.7535 per share. The ex-dividend date of this dividend was Tuesday, January 7th. This represents a $3.01 annualized dividend and a yield of 5.92%. Bank of Nova Scotia’s payout ratio 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.