Norges Bank Invests $690.75 Million in The Bank of Nova Scotia (NYSE:BNS)

Norges Bank bought a new stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 12,879,797 shares of the bank’s stock, valued at approximately $690,746,000.

Several other institutional investors have also bought and sold shares of BNS. Magnus Financial Group LLC lifted its position in shares of 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 lifted its position in shares of Bank of Nova Scotia by 3.5% during the 4th quarter. Private Advisor Group LLC now owns 6,248 shares of the bank’s stock worth $336,000 after buying an additional 211 shares in the last quarter. Moran Wealth Management LLC boosted its stake in shares of Bank of Nova Scotia by 6.5% in the 4th quarter. Moran Wealth Management LLC now owns 3,925 shares of the bank’s stock worth $211,000 after buying an additional 240 shares during the last quarter. Lindbrook Capital LLC grew its holdings in shares of Bank of Nova Scotia by 10.2% in the fourth quarter. Lindbrook Capital LLC now owns 2,860 shares of the bank’s stock valued at $154,000 after acquiring an additional 264 shares in the last quarter. Finally, Merit Financial Group LLC increased its position in shares of 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 acquiring an additional 271 shares during the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

Shares of BNS stock opened at $48.35 on Friday. The firm’s 50 day moving average is $49.93 and its 200 day moving average is $52.35. The stock has a market capitalization of $60.23 billion, a P/E ratio of 11.19, a PEG ratio of 1.16 and a beta of 1.11. The Bank of Nova Scotia has a 12 month low of $43.68 and a 12 month high of $57.07. 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 business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.7415 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.97 annualized dividend and a dividend yield of 6.13%. Bank of Nova Scotia’s dividend payout ratio is currently 82.77%.

Wall Street Analyst Weigh In

BNS has been the topic of a number of recent analyst reports. 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. Royal Bank of Canada reduced their target price on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Finally, CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $81.00.

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.