The Bank of Nova Scotia (NYSE:BNS) Stake Increased by Franklin Resources Inc.

Franklin Resources Inc. raised its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 15.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 1,287,198 shares of the bank’s stock after purchasing an additional 171,539 shares during the period. Franklin Resources Inc. owned 0.10% of Bank of Nova Scotia worth $68,689,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. The Manufacturers Life Insurance Company grew its position in shares of Bank of Nova Scotia by 17.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock worth $241,981,000 after acquiring an additional 660,097 shares in the last quarter. Rathbones Group PLC boosted its holdings in Bank of Nova Scotia by 11.8% in the second quarter. Rathbones Group PLC now owns 136,337 shares of the bank’s stock worth $6,235,000 after purchasing an additional 14,379 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased 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 purchasing an additional 1,462,360 shares during the last quarter. Intact Investment Management Inc. increased its stake in Bank of Nova Scotia by 48.3% during the third quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock valued at $85,201,000 after purchasing an additional 509,120 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Bank of Nova Scotia by 4.2% during the third 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 during the period. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Down 0.9 %

BNS opened at $54.94 on Tuesday. The stock’s 50 day moving average price is $54.17 and its 200 day moving average price is $50.35. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $68.40 billion, a P/E ratio of 12.72, a P/E/G ratio of 1.26 and a beta of 1.07. The Bank of Nova Scotia has a 12 month low of $43.67 and a 12 month high of $57.07.

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. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.49%. The ex-dividend date of this dividend is Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio (DPR) is 72.45%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on BNS shares. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. Royal Bank of Canada boosted their price objective on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 4th. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Bank of Nova Scotia has an average rating of “Moderate Buy” and an average 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.