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

Norges Bank purchased a new position in shares of The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,879,797 shares of the bank's stock, valued at approximately $690,746,000. Norges Bank owned approximately 1.03% of Bank of Nova Scotia as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Murphy & Mullick Capital Management Corp bought a new stake in Bank of Nova Scotia during the 4th quarter worth $25,000. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Bank of Nova Scotia during the fourth quarter worth about $31,000. Allworth Financial LP increased its stake in shares of Bank of Nova Scotia by 121.1% in the fourth quarter. Allworth Financial LP now owns 639 shares of the bank's stock valued at $33,000 after buying an additional 350 shares during the period. BNP Paribas Financial Markets raised its holdings 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 buying 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 approximately $73,000. 49.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on BNS shares. Bank of America cut shares of Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research report on Monday. CIBC restated a "neutral" rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Cibc World Mkts lowered Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 18th. Finally, Royal Bank of Canada decreased 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $81.00.

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Bank of Nova Scotia Trading Up 0.5 %

NYSE BNS traded up $0.21 during mid-day trading on Tuesday, reaching $46.90. 606,823 shares of the stock were exchanged, compared to its average volume of 1,915,150. 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 stock has a market cap of $58.42 billion, a P/E ratio of 10.86, a P/E/G ratio of 1.16 and a beta of 1.11. The stock has a 50 day simple moving average of $49.80 and a 200-day simple moving average of $52.30. The Bank of Nova Scotia has a one year low of $43.67 and a one year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be paid a $0.7415 dividend. This represents a $2.97 dividend on an annualized basis and a dividend yield of 6.32%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia's dividend 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.