Eldred Rock Partners LLC Purchases 287 Shares of The Bank of Nova Scotia (NYSE:BNS)

Eldred Rock Partners LLC lifted its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 0.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 155,467 shares of the bank’s stock after purchasing an additional 287 shares during the quarter. Bank of Nova Scotia comprises approximately 2.8% of Eldred Rock Partners LLC’s portfolio, making the stock its 21st largest holding. Eldred Rock Partners LLC’s holdings in Bank of Nova Scotia were worth $8,352,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. BNP Paribas Financial Markets lifted its holdings in shares of Bank of Nova Scotia by 1,588.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after acquiring an additional 810 shares during the last quarter. City State Bank bought a new stake in Bank of Nova Scotia during the third quarter worth about $57,000. Fortitude Family Office LLC purchased a new position in shares of Bank of Nova Scotia in the 4th quarter worth about $73,000. Blue Trust Inc. raised its holdings in shares of Bank of Nova Scotia by 171.6% during the 3rd quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock valued at $86,000 after buying an additional 997 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Bank of Nova Scotia during the 3rd quarter valued at about $111,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. 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. Royal Bank of Canada upped their price target on shares of Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 4th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. TD Securities upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Bank of Nova Scotia Price Performance

BNS opened at $50.86 on Monday. The stock’s 50 day moving average price is $54.26 and its 200-day moving average price is $51.41. The Bank of Nova Scotia has a 52-week low of $43.67 and a 52-week high of $57.07. The stock has a market capitalization of $63.34 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th will be issued a $0.7535 dividend. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 annualized dividend and a yield of 5.93%. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 68.29%.

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.