Lorne Steinberg Wealth Management Inc. Buys 1,398 Shares of The Bank of Nova Scotia (NYSE:BNS)

Lorne Steinberg Wealth Management Inc. boosted its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 0.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 157,428 shares of the bank’s stock after acquiring an additional 1,398 shares during the period. Bank of Nova Scotia accounts for 2.4% of Lorne Steinberg Wealth Management Inc.’s investment portfolio, making the stock its 13th largest holding. Lorne Steinberg Wealth Management Inc.’s holdings in Bank of Nova Scotia were worth $8,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP boosted its holdings in Bank of Nova Scotia by 121.1% in the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock valued at $33,000 after acquiring an additional 350 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Bank of Nova Scotia by 1,588.2% in the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after acquiring an additional 810 shares during the last quarter. Fortitude Family Office LLC bought a new stake in Bank of Nova Scotia in the fourth quarter valued at approximately $73,000. Blue Trust Inc. boosted its holdings in Bank of Nova Scotia by 171.6% in the third quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock valued at $86,000 after acquiring an additional 997 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of Bank of Nova Scotia during the 3rd quarter worth approximately $111,000. 49.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on BNS. Barclays upgraded Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $72.00.

Bank of Nova Scotia Price Performance

Shares of NYSE:BNS opened at $50.96 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month high of $57.07. The stock’s 50 day moving average is $52.32 and its 200-day moving average is $52.21. The firm has a market capitalization of $63.46 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 1.15 and a beta of 1.07.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th were given a $0.7535 dividend. This represents a $3.01 dividend on an annualized basis and a yield of 5.92%. The ex-dividend date of this dividend was Tuesday, January 7th. Bank of Nova Scotia’s payout ratio is currently 68.29%.

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.