PNC Financial Services Group Inc. Grows Holdings in The Bank of Nova Scotia (NYSE:BNS)

PNC Financial Services Group Inc. raised its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 52.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,825 shares of the bank’s stock after buying an additional 4,784 shares during the period. PNC Financial Services Group Inc.’s holdings in Bank of Nova Scotia were worth $743,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in BNS. Bank Julius Baer & Co. Ltd Zurich bought a new position in Bank of Nova Scotia in the fourth quarter valued at $31,000. Allworth Financial LP boosted its holdings in shares of Bank of Nova Scotia by 121.1% in the 4th quarter. Allworth Financial LP now owns 639 shares of the bank’s stock worth $33,000 after purchasing an additional 350 shares in the last quarter. BNP Paribas Financial Markets increased 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 valued at $47,000 after purchasing an additional 810 shares during the last quarter. Fortitude Family Office LLC purchased a new position in shares of Bank of Nova Scotia during the 4th quarter valued at about $73,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Bank of Nova Scotia during the 3rd quarter valued at about $111,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock opened at $48.76 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm has a market cap of $60.73 billion, a P/E ratio of 11.29, a P/E/G ratio of 1.16 and a beta of 1.11. 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 50-day moving average of $50.43 and a 200-day moving average of $52.48.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st will be issued a $0.7415 dividend. This represents a $2.97 annualized dividend and a yield of 6.08%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 82.77%.

Analysts Set New Price Targets

A number of research analysts have commented on BNS shares. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Royal Bank of Canada cut 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 note on Wednesday, February 26th. Barclays upgraded shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. 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, Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $75.50.

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.