Van ECK Associates Corp Purchases 5,452 Shares of The Bank of Nova Scotia (NYSE:BNS)

Van ECK Associates Corp grew its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 1.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 364,598 shares of the bank’s stock after acquiring an additional 5,452 shares during the quarter. Van ECK Associates Corp’s holdings in Bank of Nova Scotia were worth $19,566,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in BNS. AQR Capital Management LLC bought a new stake in Bank of Nova Scotia in the 2nd quarter worth approximately $230,000. Creative Planning boosted its holdings in shares of Bank of Nova Scotia by 2.3% in the 3rd quarter. Creative Planning now owns 36,568 shares of the bank’s stock worth $1,993,000 after purchasing an additional 807 shares during the period. Cardinal Capital Management boosted its holdings in shares of Bank of Nova Scotia by 1.9% in the 3rd quarter. Cardinal Capital Management now owns 53,273 shares of the bank’s stock worth $2,903,000 after purchasing an additional 1,007 shares during the period. Dixon Mitchell Investment Counsel Inc. boosted its holdings in shares of Bank of Nova Scotia by 1.5% in the 3rd quarter. Dixon Mitchell Investment Counsel Inc. now owns 743,141 shares of the bank’s stock worth $40,536,000 after purchasing an additional 11,014 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Bank of Nova Scotia by 171.6% in the 3rd quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock worth $86,000 after purchasing an additional 997 shares during the period. Institutional investors own 49.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. 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. 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. Finally, UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Bank of Nova Scotia presently has an average rating of “Moderate Buy” and an average target price of $72.00.

Bank of Nova Scotia Price Performance

BNS opened at $51.22 on Friday. The business has a fifty day moving average of $52.60 and a 200 day moving average of $52.02. The Bank of Nova Scotia has a 52-week low of $43.67 and a 52-week 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 stock has a market cap of $63.80 billion, a P/E ratio of 11.86, a PEG ratio of 1.15 and a beta of 1.07.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th were issued a $0.7535 dividend. This represents a $3.01 annualized dividend and a dividend yield of 5.88%. The ex-dividend date was Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio is 68.29%.

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.