Alberta Investment Management Corp Grows Position in The Bank of Nova Scotia (NYSE:BNS)

Alberta Investment Management Corp increased its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,126,600 shares of the bank’s stock after purchasing an additional 44,800 shares during the quarter. Bank of Nova Scotia comprises about 0.8% of Alberta Investment Management Corp’s holdings, making the stock its 18th largest position. Alberta Investment Management Corp’s holdings in Bank of Nova Scotia were worth $114,137,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BNS. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew 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 in the last quarter. Pathway Financial Advisers LLC grew its stake in Bank of Nova Scotia by 5,380.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock valued at $216,447,000 after purchasing an additional 3,899,760 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Bank of Nova Scotia by 24.9% during the 3rd 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 purchasing an additional 2,346,995 shares in the last quarter. Toronto Dominion Bank grew its position in shares of Bank of Nova Scotia by 9.6% in the 3rd quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock worth $1,361,752,000 after acquiring an additional 2,195,604 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of 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 acquiring an additional 660,097 shares in the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

Shares of NYSE BNS opened at $50.96 on Wednesday. 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 stock has a market capitalization of $63.47 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 1.16 and a beta of 1.07. The stock’s fifty day simple moving average is $52.32 and its 200 day simple moving average is $52.21. 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 announced a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were issued a $0.7535 dividend. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.92%. The ex-dividend date was Tuesday, January 7th. Bank of Nova Scotia’s payout ratio is 68.29%.

Analysts Set New Price Targets

Several brokerages have recently commented on BNS. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 21st. UBS Group raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Finally, CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.