Maryland State Retirement & Pension System Grows Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Maryland State Retirement & Pension System lifted its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 3.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 137,078 shares of the bank’s stock after buying an additional 4,260 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Bank of Nova Scotia were worth $7,358,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Bank of Nova Scotia by 260.1% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock valued at $298,575,000 after acquiring an additional 3,958,580 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of 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 lifted its stake 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 valued at $1,361,752,000 after purchasing an additional 2,195,604 shares during the period. The Manufacturers Life Insurance Company grew its position in Bank of Nova Scotia by 17.5% during the third quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock valued at $241,981,000 after buying an additional 660,097 shares during the period. Finally, Geode Capital Management LLC grew its position in Bank of Nova Scotia by 10.3% during the third quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock valued at $310,817,000 after buying an additional 524,496 shares during the period. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Price Performance

NYSE:BNS opened at $48.32 on Wednesday. The stock has a 50 day moving average of $50.35 and a two-hundred day moving average of $52.47. The Bank of Nova Scotia has a 12 month low of $43.68 and a 12 month high of $57.07. The firm has a market cap of $60.19 billion, a P/E ratio of 11.19, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59.

Bank of Nova Scotia Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be given a dividend of $0.7415 per share. This represents a $2.97 annualized dividend and a dividend yield of 6.14%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia’s payout ratio is 82.77%.

Analysts Set New Price Targets

Several research firms have recently issued reports on BNS. 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. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Finally, Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $75.50.

Bank of Nova Scotia Company 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.