Two Sigma Advisers LP Reduces Stake in The Bank of Nova Scotia

Two Sigma Advisers LP has decreased its investment in The Bank of Nova Scotia (NYSE:BNS - Free Report) by 8.2% during the third quarter, as reported in its latest filing with the Securities and Exchange Commission (SEC). Following the sale of 31,100 shares, the institutional investor now holds a total of 348,909 shares of the bank's stock, valued at approximately $19,012,000 according to its recent SEC disclosure.

Changes from Other Investors

In addition to Two Sigma Advisers LP's adjusted position, several other institutional investors and hedge funds have also modified their stakes in The Bank of Nova Scotia. For instance, Mather Group LLC increased its holdings significantly by 1,388.9% in the second quarter, acquiring 536 shares now valued at around $25,000 after adding 500 shares recently. Similarly, Blue Trust Inc. expanded its position by an astonishing 3,127.8%, bringing its total shares to 581, worth about $27,000 after acquiring an additional 563 shares.

Additionally, BNP Paribas Financial Markets raised its stake by 1,588.2% during the third quarter, which resulted in ownership of 861 shares worth $47,000 following an acquisition of 810 more shares. City State Bank also entered the bank's stock by buying a new stake valued at approximately $57,000 during this same quarter. Finally, Ashton Thomas Private Wealth LLC bought into The Bank of Nova Scotia during the second quarter with a new stake of around $104,000. Hedge funds and other institutional investors currently hold 49.13% of the bank's stock.

Analysts' Perspectives

Several analysts have weighed in on the company's performance. On November 19th, Canaccord Genuity Group upgraded The Bank of Nova Scotia from a "hold" to a "buy" rating. Likewise, Cibc World Mkts raised its rating from "hold" to "strong-buy" on September 20th. Royal Bank of Canada revised its price target for the bank from $65.00 to $74.00 while maintaining a "sector perform" rating, as outlined in a report dated December 4th. On that same date, Bank of America improved its outlook from "neutral" to "buy." Presently, one analyst has given the stock a sell rating, three have recommended holding it, five have issued buy ratings, and one has provided a strong buy recommendation. Overall, the consensus rating is a "Moderate Buy" with an average price target of $72.00, based on data from MarketBeat.

Recent Stock Performance

Bank of Nova Scotia's Market Activity

As for the stock performance, NYSE BNS trades currently around $55.77. The stock has a fifty-day moving average of $53.93 and a two-hundred day moving average of $50.00. With a market capitalization of $69.40 billion, the stock features a P/E ratio of 12.91 and a price-to-earnings-growth (PEG) ratio of 1.43. The company's beta stands at 1.07, with a debt-to-equity ratio of 0.59. The bank reports a quick ratio of 1.02 and a current ratio of 1.03, with a fifty-two week low of $43.67 and a high of $57.07.

Dividend Announcement

The Bank of Nova Scotia has recently announced its quarterly dividend, which is set to be disbursed on January 29th. Shareholders on record by January 7th will receive a dividend of $0.7535 per share, totaling an annualized dividend of $3.01, which translates to a dividend yield of 5.40%. The ex-dividend date aligns with the record date of January 7th, and the bank currently maintains a dividend payout ratio of 72.45%.

Company Overview

The Bank of Nova Scotia, also known as ScotiaBank, offers a diverse range of banking services in Canada, the U.S., Mexico, Peru, Chile, Colombia, the Caribbean, Central America, and beyond. The company's operations span various segments, including Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

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