BlueCrest Capital Management Ltd raised its stake in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 55.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,552 shares of the bank’s stock after acquiring an additional 7,348 shares during the period. BlueCrest Capital Management Ltd’s holdings in Bank of Nova Scotia were worth $1,326,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in the business. Merit Financial Group LLC acquired a new stake in shares of Bank of Nova Scotia during the fourth quarter valued at about $347,000. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of Bank of Nova Scotia during the fourth quarter valued at about $16,220,000. AXA increased its position in shares of Bank of Nova Scotia by 2.5% during the fourth quarter. AXA now owns 553,285 shares of the bank’s stock valued at $35,703,000 after acquiring an additional 13,266 shares during the last quarter. 180 Wealth Advisors LLC acquired a new stake in shares of Bank of Nova Scotia during the fourth quarter valued at about $212,000. Finally, Investec Asset Management LTD increased its position in shares of Bank of Nova Scotia by 1.1% during the fourth quarter. Investec Asset Management LTD now owns 3,026,133 shares of the bank’s stock valued at $195,922,000 after acquiring an additional 33,821 shares during the last quarter. Institutional investors and hedge funds own 49.07% of the company’s stock.
Bank of Nova Scotia (NYSE:BNS) opened at $62.91 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.10. The firm has a market cap of $75,490.00, a P/E ratio of 11.89, a P/E/G ratio of 1.43 and a beta of 1.28. Bank of Nova Scotia has a twelve month low of $53.86 and a twelve month high of $66.78.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 26th. Investors of record on Tuesday, April 3rd will be issued a $0.6454 dividend. The ex-dividend date of this dividend is Monday, April 2nd. This represents a $2.58 dividend on an annualized basis and a dividend yield of 4.10%. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.62. Bank of Nova Scotia’s payout ratio is 48.39%.
Bank of Nova Scotia declared that its Board of Directors has authorized a share repurchase plan on Monday, February 12th that allows the company to repurchase shares. This repurchase authorization allows the bank to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
A number of equities research analysts have weighed in on the stock. Zacks Investment Research cut shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Canaccord Genuity reiterated a “buy” rating and set a $93.00 price target on shares of Bank of Nova Scotia in a research report on Tuesday, December 5th. Finally, Scotiabank reiterated a “buy” rating and set a $95.00 price target on shares of Bank of Nova Scotia in a research report on Wednesday, November 22nd. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target 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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