Cardinal Capital Management Increases Holdings in The Bank of Nova Scotia (NYSE:BNS)

Cardinal Capital Management boosted its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 5.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 56,282 shares of the bank’s stock after buying an additional 3,009 shares during the period. Cardinal Capital Management’s holdings in Bank of Nova Scotia were worth $3,023,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. 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 worth $33,000 after acquiring an additional 350 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of 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 period. Fortitude Family Office LLC purchased a new stake in shares of Bank of Nova Scotia in the fourth quarter worth about $73,000. Blue Trust Inc. grew its holdings in Bank of Nova Scotia by 171.6% during the third quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock worth $86,000 after acquiring an additional 997 shares during the period. Finally, Wilmington Savings Fund Society FSB purchased a new position in Bank of Nova Scotia during the third quarter valued at approximately $111,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

BNS opened at $51.22 on Tuesday. The firm’s fifty day simple moving average is $52.51 and its two-hundred day simple moving average is $52.13. The Bank of Nova Scotia has a 52-week low of $43.67 and a 52-week high of $57.07. The company has a market cap of $63.80 billion, a price-to-earnings ratio of 11.86, a PEG ratio of 1.15 and a beta of 1.07. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were paid a $0.7535 dividend. This represents a $3.01 dividend on an annualized basis and a yield of 5.88%. The ex-dividend date was Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio is presently 68.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Royal Bank of Canada raised their target price on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 4th. Finally, Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Bank of Nova Scotia currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

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.