Cidel Asset Management Inc. trimmed its position in Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 0.8% during the fourth quarter, HoldingsChannel reports. The firm owned 2,807,514 shares of the bank’s stock after selling 22,011 shares during the quarter. Bank of Nova Scotia accounts for approximately 7.8% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 2nd biggest holding. Cidel Asset Management Inc.’s holdings in Bank of Nova Scotia were worth $181,167,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of BNS. Arcadia Investment Management Corp MI raised its holdings in Bank of Nova Scotia by 320.4% during the fourth quarter. Arcadia Investment Management Corp MI now owns 1,955 shares of the bank’s stock worth $126,000 after acquiring an additional 1,490 shares in the last quarter. Huntington National Bank raised its holdings in Bank of Nova Scotia by 69.8% during the fourth quarter. Huntington National Bank now owns 2,649 shares of the bank’s stock worth $171,000 after acquiring an additional 1,089 shares in the last quarter. Partnervest Advisory Services LLC bought a new stake in Bank of Nova Scotia during the fourth quarter worth about $201,000. ARP Americas LLC bought a new stake in Bank of Nova Scotia during the third quarter worth about $202,000. Finally, Chevy Chase Trust Holdings Inc. bought a new stake in Bank of Nova Scotia during the fourth quarter worth about $210,000. Institutional investors own 46.29% of the company’s stock.
Shares of Bank of Nova Scotia (NYSE:BNS) opened at $62.18 on Thursday. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market capitalization of $74,670.00, a P/E ratio of 11.96, a price-to-earnings-growth ratio of 1.39 and a beta of 1.26. Bank of Nova Scotia has a 52 week low of $53.86 and a 52 week high of $66.78.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 29th. Shareholders of record on Tuesday, January 2nd were paid a $0.617 dividend. The ex-dividend date was Friday, December 29th. This represents a $2.47 annualized dividend and a yield of 3.97%. Bank of Nova Scotia’s dividend payout ratio is 49.23%.
Bank of Nova Scotia announced that its board has initiated a stock repurchase plan on Monday, February 12th that allows the company to repurchase outstanding shares. This repurchase authorization allows the bank to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
BNS has been the topic of several analyst reports. Zacks Investment Research upgraded Bank of Nova Scotia from a “sell” rating to a “hold” rating in a report on Wednesday, January 17th. Macquarie initiated coverage on Bank of Nova Scotia in a report on Tuesday, October 24th. They set an “outperform” rating on the stock. Scotiabank restated a “buy” rating and issued a $95.00 price objective on shares of Bank of Nova Scotia in a research note on Wednesday, November 22nd. Finally, Canaccord Genuity restated a “buy” rating and issued a $93.00 price objective on shares of Bank of Nova Scotia in a research note on Tuesday, December 5th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $86.00.
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About Bank of Nova Scotia
The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
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