Hillsdale Investment Management Inc. Increases Stock Holdings in The Bank of Nova Scotia (NYSE:BNS)

Hillsdale Investment Management Inc. raised its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 370.0% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 883,511 shares of the bank’s stock after acquiring an additional 695,519 shares during the quarter. Bank of Nova Scotia makes up 2.4% of Hillsdale Investment Management Inc.’s holdings, making the stock its 9th largest holding. Hillsdale Investment Management Inc.’s holdings in Bank of Nova Scotia were worth $47,391,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of BNS. Magnus Financial Group LLC boosted its position in Bank of Nova Scotia by 4.1% during the fourth quarter. Magnus Financial Group LLC now owns 5,100 shares of the bank’s stock valued at $274,000 after purchasing an additional 200 shares in the last quarter. Private Advisor Group LLC boosted its position in Bank of Nova Scotia by 3.5% during the fourth quarter. Private Advisor Group LLC now owns 6,248 shares of the bank’s stock valued at $336,000 after purchasing an additional 211 shares in the last quarter. Moran Wealth Management LLC boosted its position in Bank of Nova Scotia by 6.5% during the fourth quarter. Moran Wealth Management LLC now owns 3,925 shares of the bank’s stock valued at $211,000 after purchasing an additional 240 shares in the last quarter. Lindbrook Capital LLC boosted its position in Bank of Nova Scotia by 10.2% during the fourth quarter. Lindbrook Capital LLC now owns 2,860 shares of the bank’s stock valued at $154,000 after purchasing an additional 264 shares in the last quarter. Finally, Merit Financial Group LLC boosted its position in Bank of Nova Scotia by 5.8% during the fourth quarter. Merit Financial Group LLC now owns 4,905 shares of the bank’s stock valued at $264,000 after purchasing an additional 271 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Wall Street Analyst Weigh In

BNS has been the subject of a number of research analyst reports. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Royal Bank of Canada decreased their price target on 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. Finally, Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $81.00.

Bank of Nova Scotia Trading Down 0.2 %

Shares of NYSE:BNS opened at $48.01 on Friday. The Bank of Nova Scotia has a 52-week low of $43.68 and a 52-week high of $57.07. The stock has a market cap of $59.80 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 1.16 and a beta of 1.11. 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 business has a 50-day moving average price of $50.15 and a 200-day moving average price of $52.40.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders 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 6.18%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia’s payout ratio is 82.77%.

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.