Avanza Fonder AB Makes New $4.39 Million Investment in The Bank of Nova Scotia (NYSE:BNS)

Avanza Fonder AB bought a new stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in the 4th quarter, HoldingsChannel.com reports. The firm bought 81,793 shares of the bank’s stock, valued at approximately $4,394,000.

A number of other hedge funds have also recently modified their holdings of the stock. BNP Paribas Financial Markets boosted its stake in Bank of Nova Scotia by 1,588.2% in the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after acquiring an additional 810 shares in the last quarter. City State Bank purchased a new stake in shares of Bank of Nova Scotia in the 3rd quarter valued at about $57,000. Fortitude Family Office LLC acquired a new stake in shares of Bank of Nova Scotia in the 4th quarter valued at about $73,000. Blue Trust Inc. grew its stake in Bank of Nova Scotia by 171.6% during the 3rd quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock worth $86,000 after buying an additional 997 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in Bank of Nova Scotia during the third quarter worth approximately $111,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Down 1.6 %

BNS stock opened at $50.86 on Friday. The stock has a market capitalization of $63.34 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. The company has a fifty day moving average of $54.32 and a 200-day moving average of $51.33. 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 Bank of Nova Scotia has a one year low of $43.67 and a one year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th will be given a $0.7535 dividend. The ex-dividend date is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a yield of 5.93%. Bank of Nova Scotia’s payout ratio is currently 68.06%.

Analysts Set New Price Targets

Several research firms have recently weighed in on BNS. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. TD Securities upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Cibc World Mkts upgraded shares of Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Finally, Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

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.