Addenda Capital Inc. Has $63.13 Million Position in The Bank of Nova Scotia (NYSE:BNS)

Addenda Capital Inc. raised its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 4.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,175,246 shares of the bank’s stock after buying an additional 44,692 shares during the period. Bank of Nova Scotia makes up approximately 2.9% of Addenda Capital Inc.’s holdings, making the stock its 9th biggest holding. Addenda Capital Inc.’s holdings in Bank of Nova Scotia were worth $63,134,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BNP Paribas Financial Markets grew its holdings in shares of 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 during the last quarter. City State Bank bought a new position in Bank of Nova Scotia in the 3rd quarter worth about $57,000. Fortitude Family Office LLC purchased a new position in shares of Bank of Nova Scotia during the fourth quarter worth approximately $73,000. Blue Trust Inc. raised its stake in shares of Bank of Nova Scotia by 171.6% during 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 stake in shares of Bank of Nova Scotia in the third quarter valued at approximately $111,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on BNS. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 21st. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Royal Bank of Canada raised their target price on shares of 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, 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. One analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.00.

Bank of Nova Scotia Price Performance

BNS opened at $50.86 on Tuesday. The firm has a market capitalization of $63.34 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. The business’s 50-day moving average is $54.26 and its two-hundred day moving average is $51.45. The Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th will be paid a dividend of $0.7535 per share. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 annualized dividend and a dividend yield of 5.93%. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 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.