Triasima Portfolio Management Inc. Boosts Investment in The Bank of Nova Scotia

Triasima Portfolio Management Inc. has significantly increased its investment in The Bank of Nova Scotia (NYSE:BNS - Free Report, TSE:BNS) by 101.8% in the fourth quarter. This information comes from the latest Form 13F filing with the Securities and Exchange Commission. After acquiring an additional 129,132 shares during the quarter, the fund now owns 255,921 shares of the bank's stock.

As of the most recent SEC filing, The Bank of Nova Scotia comprises approximately 2.6% of Triasima Portfolio Management Inc.'s overall portfolio, making it the fund's fifth largest position. The value of Triasima's holdings in the bank is estimated at $13,736,000.

Institutional Investment Changes

Other institutional investors and hedge funds have also made substantial adjustments to their positions in The Bank of Nova Scotia. For instance, British Columbia Investment Management Corp increased its stake by 260.1% in the third quarter, now owning 5,480,486 shares valued at $298,575,000, after purchasing an additional 3,958,580 shares. Similarly, Pathway Financial Advisers LLC skyrocketed its holdings by an impressive 5,380.9% during the same period, now owning 3,972,234 shares worth $216,447,000 after acquiring 3,899,760 additional shares.

Additionally, Healthcare of Ontario Pension Plan Trust Fund raised its position by 24.9%, owning 11,757,961 shares valued at $640,624,000 after a purchase of 2,346,995 shares. Toronto Dominion Bank also upped its stake by 9.6%, acquiring 2,195,604 shares to total 24,990,868 shares worth approximately $1,361,752,000. Moreover, The Manufacturers Life Insurance Company boosted its holdings by 17.5%, owning 4,438,129 shares valued at $241,981,000 after purchasing 660,097 shares.

Overall, it is reported that 49.13% of The Bank of Nova Scotia’s stock is held by hedge funds and other institutional investors.

Analyst Opinions

Several analysts have provided their insights regarding BNS shares recently. Canaccord Genuity Group upgraded the stock from a "hold" rating to a "buy" rating in a report dated November 19. Bank of America also elevated its rating from "neutral" to "buy" on the same date. Similarly, Barclays adjusted its stance from "underweight" to "equal weight" in a research note published on November 21. Royal Bank of Canada also raised its price target for the stock from $65.00 to $74.00, maintaining a "sector perform" rating as of December 4.

The overall consensus from analysts indicates one sell rating, three hold ratings, five buy ratings, and one strong buy rating for the company's stock. Currently, the consensus rating stands at "Moderate Buy" with a price target of $72.00 according to data from MarketBeat.com.

Stock Performance Overview

As of Friday, Bank of Nova Scotia's stock opened at $50.90. The company demonstrates a debt-to-equity ratio of 0.59, and both its quick and current ratios stand at 1.03. With a market capitalization of $63.39 billion, the bank’s price-to-earnings (P/E) ratio is at 11.78, while the P/E to growth (P/E/G) ratio is 1.16, and it has a beta of 1.07. The stock shows a 50-day moving average of $53.22 and a 200-day moving average of $51.85, with a 52-week low of $43.67 and a high of $57.07.

Dividend Information

The Bank of Nova Scotia has also recently communicated details about its quarterly dividend. Shareholders as of record on January 7 were issued a dividend of $0.7535, which translates to an annualized dividend of $3.01, providing a dividend yield of 5.92%. The ex-dividend date was also set for January 7, and currently, the bank’s dividend payout ratio is 68.29%.

About The Bank of Nova Scotia

The Bank of Nova Scotia offers a wide range of banking products and services across various regions, including Canada, the United States, Mexico, Peru, Chile, Colombia, and the Caribbean. The bank operates through multiple segments such as Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

Investment, Bank, Stake