Merit Financial Group LLC Raises Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Merit Financial Group LLC lifted its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 5.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,905 shares of the bank’s stock after buying an additional 271 shares during the period. Merit Financial Group LLC’s holdings in Bank of Nova Scotia were worth $264,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. BNP Paribas Financial Markets increased its stake in Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after acquiring an additional 810 shares during the last quarter. City State Bank bought a new stake in shares of Bank of Nova Scotia in the 3rd quarter valued at approximately $57,000. Fortitude Family Office LLC purchased a new position in shares of Bank of Nova Scotia in the 4th quarter worth approximately $73,000. Blue Trust Inc. increased its position in shares of Bank of Nova Scotia by 171.6% during the 3rd quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock valued at $86,000 after purchasing an additional 997 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB purchased a new stake in Bank of Nova Scotia during the 3rd quarter valued at $111,000. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. TD Securities raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $72.00.

Bank of Nova Scotia Trading Up 0.3 %

Shares of BNS opened at $51.88 on Friday. The firm has a market capitalization of $64.61 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.16 and a beta of 1.08. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The Bank of Nova Scotia has a 1-year low of $43.67 and a 1-year high of $57.07. The company has a 50-day moving average of $54.03 and a 200 day moving average of $51.58.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 29th. Stockholders of record on Tuesday, January 7th will be paid a dividend of $0.7535 per share. This represents a $3.01 annualized dividend and a dividend yield of 5.81%. The ex-dividend date is Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio is presently 68.29%.

Bank of Nova Scotia Company 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.