The Bank of Nova Scotia (NYSE:BNS) Stock Position Raised by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lifted its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 5.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,096,123 shares of the bank’s stock after acquiring an additional 385,333 shares during the period. Bank of Nova Scotia makes up about 2.0% of Connor Clark & Lunn Investment Management Ltd.’s holdings, making the stock its 7th largest holding. Connor Clark & Lunn Investment Management Ltd.’s holdings in Bank of Nova Scotia were worth $434,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Bank of Nova Scotia by 260.1% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock valued at $298,575,000 after acquiring an additional 3,958,580 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Bank of Nova Scotia by 24.9% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock worth $640,624,000 after purchasing an additional 2,346,995 shares in the last quarter. Toronto Dominion Bank boosted its holdings in Bank of Nova Scotia by 9.6% in the 3rd quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after purchasing an additional 2,195,604 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Bank of Nova Scotia by 17.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock valued at $241,981,000 after purchasing an additional 660,097 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Bank of Nova Scotia by 10.3% in the third quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock worth $310,817,000 after purchasing an additional 524,496 shares during the period. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Down 0.5 %

Shares of NYSE:BNS opened at $47.57 on Wednesday. The stock has a market capitalization of $59.24 billion, a P/E ratio of 11.01, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11. The stock’s 50-day moving average price is $50.89 and its 200-day moving average price is $52.52. 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 Bank of Nova Scotia has a 12-month low of $43.67 and a 12-month high of $57.07.

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 paid a dividend of $0.7415 per share. This represents a $2.97 dividend on an annualized basis and a dividend yield of 6.24%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 82.77%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Cibc World Mkts cut shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Barclays upgraded shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. Finally, Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $75.50.

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.