Triasima Portfolio Management inc. Increases Stock Holdings in The Bank of Nova Scotia (NYSE:BNS)

Triasima Portfolio Management inc. lifted its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 101.8% in the 4th quarter, HoldingsChannel reports. The fund owned 255,921 shares of the bank’s stock after purchasing an additional 129,132 shares during the quarter. Bank of Nova Scotia comprises 2.6% of Triasima Portfolio Management inc.’s investment portfolio, making the stock its 5th largest position. Triasima Portfolio Management inc.’s holdings in Bank of Nova Scotia were worth $13,736,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. BNP Paribas Financial Markets raised its holdings in Bank of Nova Scotia by 1,588.2% in the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after purchasing an additional 810 shares in the last quarter. City State Bank bought a new position in shares of Bank of Nova Scotia during the 3rd quarter worth approximately $57,000. Fortitude Family Office LLC purchased a new stake in Bank of Nova Scotia during the fourth quarter valued at approximately $73,000. Blue Trust Inc. boosted its stake in Bank of Nova Scotia by 171.6% in the third quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock valued at $86,000 after acquiring an additional 997 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new position in Bank of Nova Scotia in the third quarter worth $111,000. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Bank of Nova Scotia Trading Up 0.8 %

Shares of NYSE:BNS opened at $50.90 on Friday. The business has a 50-day moving average price of $53.22 and a 200-day moving average price of $51.85. The stock has a market cap of $63.39 billion, a price-to-earnings ratio of 11.78, a PEG ratio of 1.16 and a beta of 1.07. 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 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th were paid a dividend of $0.7535 per share. This represents a $3.01 annualized dividend and a yield of 5.92%. The ex-dividend date was Tuesday, January 7th. Bank of Nova Scotia’s payout ratio is 68.29%.

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.