Geode Capital Management LLC Has $406.10 Million Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Geode Capital Management LLC raised its holdings in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 31.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,433,171 shares of the bank’s stock after purchasing an additional 1,792,700 shares during the period. Geode Capital Management LLC owned 0.60% of Bank of Nova Scotia worth $406,103,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Bank of Nova Scotia during the fourth quarter worth $25,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in Bank of Nova Scotia during the fourth quarter worth about $31,000. Allworth Financial LP boosted its holdings in Bank of Nova Scotia by 121.1% during the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock worth $33,000 after buying an additional 350 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Bank of Nova Scotia by 1,588.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after buying an additional 810 shares during the period. Finally, Fortitude Family Office LLC bought a new stake in shares of Bank of Nova Scotia in the 4th quarter valued at about $73,000. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Price Performance

NYSE:BNS opened at $46.92 on Friday. The stock has a market capitalization of $58.44 billion, a PE ratio of 10.86, a P/E/G ratio of 1.16 and a beta of 1.02. The Bank of Nova Scotia has a 1-year low of $43.68 and a 1-year high of $57.07. The firm has a fifty day simple moving average of $49.45 and a 200 day simple moving average of $52.16. The company has a current ratio of 1.03, a quick 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 Monday, April 28th. Stockholders of record on Tuesday, April 1st will be given a $0.7415 dividend. This represents a $2.97 dividend on an annualized basis and a dividend yield of 6.32%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 82.77%.

Wall Street Analyst Weigh In

BNS has been the topic of several recent analyst reports. Cibc World Mkts lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Royal Bank of Canada lowered their price objective on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Finally, Bank of America downgraded Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research note on Monday, March 31st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $81.00.

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.