Avantax Advisory Services Inc. Grows Stake in The Bank of Nova Scotia (NYSE:BNS)

Avantax Advisory Services Inc. raised its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 7.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,775 shares of the bank’s stock after acquiring an additional 3,804 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Bank of Nova Scotia were worth $3,104,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BNS. Plato Investment Management Ltd purchased a new position in Bank of Nova Scotia in the third quarter valued at about $179,000. Ipswich Investment Management Co. Inc. boosted its stake in Bank of Nova Scotia by 13.6% in the third quarter. Ipswich Investment Management Co. Inc. now owns 30,086 shares of the bank’s stock valued at $1,639,000 after acquiring an additional 3,600 shares during the last quarter. Natixis Advisors LLC boosted its stake in Bank of Nova Scotia by 12.1% in the third quarter. Natixis Advisors LLC now owns 51,240 shares of the bank’s stock valued at $2,792,000 after acquiring an additional 5,542 shares during the last quarter. Adero Partners LLC bought a new stake in shares of Bank of Nova Scotia in the third quarter valued at approximately $205,000. Finally, Ontario Teachers Pension Plan Board bought a new stake in shares of Bank of Nova Scotia in the third quarter valued at approximately $1,211,000. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Cibc World Mkts lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Finally, Royal Bank of Canada lowered their price target on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of “Hold” and an average target price of $75.50.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock opened at $47.98 on Friday. The firm’s 50 day simple moving average is $50.53 and its 200 day simple moving average is $52.46. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $59.77 billion, a PE ratio of 11.11, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11. The Bank of Nova Scotia has a 1-year low of $43.68 and a 1-year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be issued a $0.7415 dividend. This represents a $2.97 dividend on an annualized basis and a dividend yield of 6.18%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia’s payout ratio is 82.77%.

Bank of Nova Scotia Company 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.