Moran Wealth Management LLC Grows Holdings in The Bank of Nova Scotia (NYSE:BNS)

Moran Wealth Management LLC lifted its position in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 6.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,925 shares of the bank’s stock after buying an additional 240 shares during the quarter. Moran Wealth Management LLC’s holdings in Bank of Nova Scotia were worth $211,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of BNS. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Bank of Nova Scotia in the 4th quarter worth approximately $31,000. Allworth Financial LP grew 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 purchasing an additional 350 shares during the period. BNP Paribas Financial Markets increased 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 purchasing an additional 810 shares during the last quarter. Fortitude Family Office LLC purchased a new position in Bank of Nova Scotia during the fourth quarter worth about $73,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in Bank of Nova Scotia during the third quarter worth about $111,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock opened at $47.59 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $59.28 billion, a P/E ratio of 11.02, a PEG ratio of 1.16 and a beta of 1.11. The firm has a fifty day moving average of $50.76 and a 200-day moving average of $52.49. The Bank of Nova Scotia has a 52-week low of $43.67 and a 52-week high of $57.07.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st will be given a $0.7415 dividend. This represents a $2.97 annualized dividend and a yield of 6.23%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 82.77%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Royal Bank of Canada dropped their price objective on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Barclays upgraded shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. According to 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.