Orion Portfolio Solutions LLC Boosts Stake in The Bank of Nova Scotia (NYSE:BNS)

Orion Portfolio Solutions LLC increased its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 20.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 5,821 shares of the bank’s stock after purchasing an additional 979 shares during the period. Orion Portfolio Solutions LLC’s holdings in Bank of Nova Scotia were worth $317,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Sigma Planning Corp raised its position in Bank of Nova Scotia by 1.9% during the third quarter. Sigma Planning Corp now owns 11,089 shares of the bank’s stock valued at $604,000 after purchasing an additional 210 shares during the period. Signaturefd LLC raised its position in Bank of Nova Scotia by 1.2% during the third quarter. Signaturefd LLC now owns 18,470 shares of the bank’s stock valued at $1,006,000 after purchasing an additional 216 shares during the period. Addison Advisors LLC raised its position in Bank of Nova Scotia by 7.3% during the third quarter. Addison Advisors LLC now owns 3,357 shares of the bank’s stock valued at $183,000 after purchasing an additional 227 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Bank of Nova Scotia by 11.9% in the third quarter. Farther Finance Advisors LLC now owns 2,713 shares of the bank’s stock worth $148,000 after buying an additional 288 shares during the period. Finally, Pinnacle Associates Ltd. raised its holdings in shares of Bank of Nova Scotia by 1.1% in the third quarter. Pinnacle Associates Ltd. now owns 27,800 shares of the bank’s stock worth $1,515,000 after buying an additional 300 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 2.4 %

Shares of NYSE:BNS opened at $53.43 on Thursday. The Bank of Nova Scotia has a 52-week low of $43.67 and a 52-week high of $57.07. The stock has a market cap of $66.52 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 1.26 and a beta of 1.07. The business’s 50 day moving average is $54.25 and its 200 day moving average is $50.42. 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 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 $0.7535 dividend. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 annualized dividend and a yield of 5.64%. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 72.45%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Cibc World Mkts upgraded Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a report on Friday, September 20th. Royal Bank of Canada increased their price target on Bank of Nova Scotia from $65.00 to $74.00 and gave the stock 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 report on Monday, November 18th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

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.