Geode Capital Management LLC Raises Holdings in The Bank of Nova Scotia (NYSE:BNS)

Geode Capital Management LLC boosted its holdings in The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 31.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,433,171 shares of the bank's stock after purchasing an additional 1,792,700 shares during the quarter. Geode Capital Management LLC owned about 0.60% of Bank of Nova Scotia worth $406,103,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Murphy & Mullick Capital Management Corp purchased a new stake in shares of Bank of Nova Scotia in the 4th quarter valued at about $25,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Bank of Nova Scotia in the fourth quarter valued at approximately $31,000. Allworth Financial LP grew its position in shares of Bank of Nova Scotia by 121.1% during the fourth quarter. Allworth Financial LP now owns 639 shares of the bank's stock worth $33,000 after acquiring an additional 350 shares during the last quarter. BNP Paribas Financial Markets raised its position in Bank of Nova Scotia by 1,588.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank's stock valued at $47,000 after purchasing an additional 810 shares during the last quarter. Finally, Fortitude Family Office LLC acquired a new stake in Bank of Nova Scotia during the 4th quarter worth $73,000. Hedge funds and other institutional investors own 49.13% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Bank of America downgraded shares of Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research note on Monday, March 31st. Royal Bank of Canada cut 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. Cibc World Mkts cut shares of Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 18th. Finally, CIBC restated a "neutral" rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Bank of Nova Scotia has a consensus rating of "Hold" and a consensus target price of $81.00.

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Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock traded down $1.27 during mid-day trading on Thursday, reaching $45.22. The company had a trading volume of 633,304 shares, compared to its average volume of 2,046,616. The stock's 50-day simple moving average is $48.81 and its 200-day simple moving average is $51.89. The company has a market capitalization of $56.32 billion, a P/E ratio of 10.48, a P/E/G ratio of 1.16 and a beta of 1.02. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The company 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 of this dividend is Tuesday, April 1st. This represents a $2.97 dividend on an annualized basis and a yield of 6.56%. Bank of Nova Scotia's payout ratio is 82.77%.

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.