Fortitude Family Office LLC Invests $73,000 in The Bank of Nova Scotia (NYSE:BNS)

Fortitude Family Office LLC bought a new position in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,350 shares of the bank’s stock, valued at approximately $73,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Bank of Nova Scotia by 260.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock valued at $298,575,000 after purchasing an additional 3,958,580 shares during the period. Pathway Financial Advisers LLC boosted its stake in Bank of Nova Scotia by 5,380.9% in the 3rd quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock valued at $216,447,000 after purchasing an additional 3,899,760 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Bank of Nova Scotia in the 2nd quarter valued at $120,463,000. Healthcare of Ontario Pension Plan Trust Fund boosted 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 valued at $640,624,000 after purchasing an additional 2,346,995 shares during the period. Finally, Toronto Dominion Bank boosted its stake 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. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock opened at $51.36 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. 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 capitalization of $63.95 billion, a P/E ratio of 11.89, a price-to-earnings-growth ratio of 1.26 and a beta of 1.08. The stock has a fifty day moving average of $54.49 and a 200-day moving average of $51.18.

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 dividend of $0.7535 per share. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.87%. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 72.45%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BNS. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 21st. UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. 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 research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average 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.