Vanguard Group Increases Investment in The Bank of Nova Scotia

Vanguard Group Inc. has increased its investment in The Bank of Nova Scotia (NYSE: BNS, TSE: BNS) by 1.9% during the fourth quarter, according to its latest 13F filing with the Securities and Exchange Commission. Following this increase, Vanguard now owns a total of 51,363,146 shares of the bank, having purchased an additional 969,488 shares during the quarter. This investment amounts to approximately 4.12% of the Bank of Nova Scotia, valued at around $2,758,150,000 based on the recent SEC documents.

Other hedge funds and institutional investors have also adjusted their stakes in the bank recently. For example, Bank Julius Baer & Co. Ltd Zurich acquired a new position in Bank of Nova Scotia worth about $31,000 during the fourth quarter. Meanwhile, Allworth Financial LP significantly increased its stake by 121.1% during the same period, now holding 639 shares valued at $33,000 after buying an additional 350 shares. BNP Paribas Financial Markets expanded its holdings by 1,588.2% in the third quarter, owning 861 shares valued at $47,000 after an additional purchase of 810 shares. Fortitude Family Office LLC and Wilmington Savings Fund Society FSB also entered new positions in the bank during the fourth and third quarters, respectively. Currently, hedge funds and institutional investors collectively own 49.13% of the stock.

Recent Analyst Ratings

Several equity research analysts have recently provided their insights on Bank of Nova Scotia. For instance, Royal Bank of Canada lowered its price target from $83.00 to $81.00, maintaining a 'sector perform' rating on February 26. CIBC World Markets downgraded the bank from a 'strong-buy' to a 'hold' rating on February 18. As per data from MarketBeat.com, the current consensus rating for the stock is 'Hold,' with an average target price set at $81.00.

Stock Performance Overview

As of Wednesday, shares of Bank of Nova Scotia opened at $48.76. The bank has a market capitalization of $60.73 billion, a price-to-earnings ratio of 11.29, a P/E/G ratio of 1.16, and a beta of 1.11. Its 50-day moving average price stands at $50.05, while the 200-day moving average price is $52.40. The bank’s debt-to-equity ratio is 0.59, with both current and quick ratios at 1.03. The stock has fluctuated between a 52-week low of $43.68 and a high of $57.07.

Dividend Information

Recently, Bank of Nova Scotia announced a quarterly dividend set to be paid on April 28. Shareholders on record as of April 1 will receive a dividend of $0.7415 per share. This will translate to an annualized dividend of $2.97, yielding 6.08%. The bank’s dividend payout ratio is currently at 82.77%.

Company Overview

The Bank of Nova Scotia, often referred to as Scotiabank, offers a wide range of banking and financial services across various regions, including Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean, and Central America. The bank operates through several segments, including Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

Vanguard, Bank, Stocks