Raymond James Financial Inc. Invests $1.72 Million in The Bank of Nova Scotia (NYSE:BNS)

Raymond James Financial Inc. bought a new stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 31,940 shares of the bank’s stock, valued at approximately $1,716,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Aigen Investment Management LP bought a new stake in shares of Bank of Nova Scotia during the 4th quarter worth about $1,195,000. Charles Schwab Investment Management Inc. increased its position in shares of Bank of Nova Scotia by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,820,344 shares of the bank’s stock worth $205,048,000 after purchasing an additional 76,282 shares in the last quarter. Plato Investment Management Ltd lifted its holdings in Bank of Nova Scotia by 406.9% during the 4th quarter. Plato Investment Management Ltd now owns 16,667 shares of the bank’s stock valued at $898,000 after purchasing an additional 13,379 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Bank of Nova Scotia in the fourth quarter valued at about $217,000. Finally, Jones Financial Companies Lllp grew its position in Bank of Nova Scotia by 74.0% during the 4th quarter. Jones Financial Companies Lllp now owns 43,814 shares of the bank’s stock worth $2,354,000 after acquiring an additional 18,628 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

NYSE BNS opened at $47.44 on Tuesday. The company has a market capitalization of $59.08 billion, a P/E ratio of 10.98, a P/E/G ratio of 1.16 and a beta of 1.11. The Bank of Nova Scotia has a 12-month low of $43.68 and a 12-month high of $57.07. 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 firm has a 50-day moving average price of $49.80 and a two-hundred day moving average price of $52.30.

Bank of Nova Scotia Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.7415 per share. This represents a $2.97 dividend on an annualized basis and a dividend yield of 6.25%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 82.77%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BNS shares. Bank of America cut shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research report on Monday. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Royal Bank of Canada reduced their price target on 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, Cibc World Mkts downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price 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.