The Bank of Nova Scotia (NYSE:BNS) is Addenda Capital Inc.’s 9th Largest Position

Addenda Capital Inc. increased its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 4.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,175,246 shares of the bank’s stock after purchasing an additional 44,692 shares during the period. Bank of Nova Scotia accounts for 2.9% of Addenda Capital Inc.’s holdings, making the stock its 9th biggest holding. Addenda Capital Inc. owned 0.09% of Bank of Nova Scotia worth $63,134,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BNS. The Manufacturers Life Insurance Company lifted its holdings in shares of Bank of Nova Scotia by 17.5% in the third quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock worth $241,981,000 after buying an additional 660,097 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Bank of Nova Scotia by 2,455.8% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,521,906 shares of the bank’s stock valued at $69,627,000 after acquiring an additional 1,462,360 shares in the last quarter. Intact Investment Management Inc. increased its holdings in Bank of Nova Scotia by 48.3% in the 3rd quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock valued at $85,201,000 after acquiring an additional 509,120 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Bank of Nova Scotia by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,744,062 shares of the bank’s stock worth $204,214,000 after purchasing an additional 150,247 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of Bank of Nova Scotia by 4.7% during the 2nd quarter. Mackenzie Financial Corp now owns 15,091,880 shares of the bank’s stock valued at $690,438,000 after purchasing an additional 683,946 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on BNS. Royal Bank of Canada lifted their target price 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. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note 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 upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Finally, TD Securities upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $72.00.

Bank of Nova Scotia Stock Performance

NYSE:BNS opened at $50.86 on Tuesday. The firm has a market capitalization of $63.34 billion, a PE ratio of 11.77, a PEG ratio of 1.16 and a beta of 1.08. The stock’s fifty day moving average is $54.26 and its 200 day moving average is $51.45. The Bank of Nova Scotia has a fifty-two week low of $43.67 and a fifty-two week high of $57.07. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The company also recently announced 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 of this dividend is Tuesday, January 7th. This represents a $3.01 annualized dividend and a dividend yield of 5.93%. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 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.