CIBC Asset Management Inc Boosts Stock Position in The Bank of Nova Scotia (NYSE:BNS)

CIBC Asset Management Inc grew its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 1.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,259,279 shares of the bank’s stock after buying an additional 184,761 shares during the period. Bank of Nova Scotia accounts for 1.8% of CIBC Asset Management Inc’s portfolio, making the stock its 14th biggest holding. CIBC Asset Management Inc’s holdings in Bank of Nova Scotia were worth $551,766,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Toronto Dominion Bank raised its holdings in shares of Bank of Nova Scotia by 9.6% during 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. Healthcare of Ontario Pension Plan Trust Fund grew its position in Bank of Nova Scotia by 24.9% in 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 acquiring an additional 2,346,995 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in shares of Bank of Nova Scotia by 260.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock worth $298,575,000 after buying an additional 3,958,580 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Bank of Nova Scotia by 17.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock worth $241,981,000 after purchasing an additional 660,097 shares during the last quarter. 49.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BNS shares. Royal Bank of Canada upped their price objective on Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a research note on Wednesday, December 4th. Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Finally, TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.00.

Bank of Nova Scotia Stock Up 0.1 %

Bank of Nova Scotia stock opened at $51.22 on Monday. 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 stock has a 50-day simple moving average of $52.51 and a 200-day simple moving average of $52.13. The Bank of Nova Scotia has a fifty-two week low of $43.67 and a fifty-two week high of $57.07. The company has a market capitalization of $63.80 billion, a P/E ratio of 11.86, a PEG ratio of 1.15 and a beta of 1.07.

Bank of Nova Scotia Cuts Dividend

The company also recently declared 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 5.88%. The ex-dividend date was Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio is currently 68.29%.

Bank of Nova Scotia 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.