The Bank of Nova Scotia (NYSE:BNS) Shares Purchased by PCJ Investment Counsel Ltd.

PCJ Investment Counsel Ltd. raised its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 44.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 64,100 shares of the bank’s stock after buying an additional 19,795 shares during the quarter. Bank of Nova Scotia makes up about 1.2% of PCJ Investment Counsel Ltd.’s investment portfolio, making the stock its 22nd largest holding. PCJ Investment Counsel Ltd.’s holdings in Bank of Nova Scotia were worth $3,438,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of BNS. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Bank of Nova Scotia by 260.1% during the 3rd 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 period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Bank of Nova Scotia by 24.9% during 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 buying an additional 2,346,995 shares during the last quarter. Toronto Dominion Bank boosted its position in shares of Bank of Nova Scotia by 9.6% during the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock worth $1,361,752,000 after buying an additional 2,195,604 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Bank of Nova Scotia by 17.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock worth $241,981,000 after buying an additional 660,097 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Bank of Nova Scotia by 10.3% in the 3rd quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock worth $310,817,000 after buying an additional 524,496 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Price Performance

Shares of BNS opened at $48.33 on Friday. 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 firm has a market cap of $60.19 billion, a PE ratio of 11.19, a PEG ratio of 1.16 and a beta of 1.11. The firm’s 50 day moving average price is $51.13 and its 200 day moving average price is $52.45. The Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month high of $57.07.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be paid a $0.7415 dividend. This represents a $2.97 annualized dividend and a dividend yield of 6.14%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia’s payout ratio is presently 82.77%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Cibc World Mkts downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. 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. UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Finally, Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Bank of Nova Scotia currently has a consensus rating of “Hold” and an average price target of $75.50.

Bank of Nova Scotia Company 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.