Geode Capital Management LLC Has $406.10 Million Position in The Bank of Nova Scotia (NYSE:BNS)

Geode Capital Management LLC boosted its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 31.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,433,171 shares of the bank’s stock after acquiring an additional 1,792,700 shares during the period. Geode Capital Management LLC’s holdings in Bank of Nova Scotia were worth $406,103,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Galibier Capital Management Ltd. raised its position in shares of Bank of Nova Scotia by 38,283.3% in the fourth quarter. Galibier Capital Management Ltd. now owns 476,721 shares of the bank’s stock valued at $25,586,000 after purchasing an additional 475,479 shares during the period. Bank of New York Mellon Corp grew its stake in Bank of Nova Scotia by 7.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,095,285 shares of the bank’s stock valued at $58,839,000 after buying an additional 77,820 shares during the last quarter. Mediolanum International Funds Ltd bought a new position in Bank of Nova Scotia in the 4th quarter valued at about $292,000. Blue Trust Inc. lifted its position in Bank of Nova Scotia by 98.6% during the fourth quarter. Blue Trust Inc. now owns 3,134 shares of the bank’s stock worth $171,000 after acquiring an additional 1,556 shares during the last quarter. Finally, Orca Wealth Management LLC bought a new stake in shares of Bank of Nova Scotia during the fourth quarter worth approximately $888,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock opened at $46.92 on Friday. The stock has a market capitalization of $58.44 billion, a price-to-earnings ratio of 10.86, a PEG ratio of 1.16 and a beta of 1.02. The Bank of Nova Scotia has a 52-week low of $43.68 and a 52-week high of $57.07. 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’s 50 day moving average price is $49.45 and its two-hundred day moving average price is $52.16.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders 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 dividend yield of 6.32%. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 82.77%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on BNS shares. Royal Bank of Canada lowered their target price on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. Cibc World Mkts downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. 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. Finally, CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $81.00.

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.