BNP Paribas Financial Markets Acquires 810 Shares of The Bank of Nova Scotia (NYSE:BNS)

BNP Paribas Financial Markets raised its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 1,588.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 861 shares of the bank’s stock after acquiring an additional 810 shares during the period. BNP Paribas Financial Markets’ holdings in Bank of Nova Scotia were worth $47,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. increased its holdings in Bank of Nova Scotia by 3,127.8% in the 2nd quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock valued at $27,000 after acquiring an additional 563 shares during the last quarter. City State Bank bought a new position in Bank of Nova Scotia during the third quarter valued at approximately $57,000. Ashton Thomas Private Wealth LLC purchased a new position in Bank of Nova Scotia during the 2nd quarter valued at approximately $104,000. Spartan Fund Management Inc. purchased a new stake in shares of Bank of Nova Scotia during the 2nd quarter worth approximately $118,000. Finally, Farther Finance Advisors LLC boosted its position in shares of Bank of Nova Scotia by 11.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,713 shares of the bank’s stock valued at $148,000 after acquiring an additional 288 shares during the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock opened at $53.42 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market capitalization of $66.51 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 1.26 and a beta of 1.07. The Bank of Nova Scotia has a 1-year low of $43.67 and a 1-year high of $57.07. The company’s 50-day moving average is $54.28 and its 200 day moving average is $50.44.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 29th. Stockholders of record on Tuesday, January 7th will be issued a $0.7535 dividend. The ex-dividend date is Tuesday, January 7th. This represents a $3.01 annualized dividend and a dividend yield of 5.64%. Bank of Nova Scotia’s payout ratio is 72.45%.

Analysts Set New Price Targets

Several research firms have commented on BNS. Royal Bank of Canada increased their price objective 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. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. UBS Group raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Finally, TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Bank of Nova Scotia 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.