Orca Wealth Management LLC Invests $888,000 in The Bank of Nova Scotia (NYSE:BNS)

Orca Wealth Management LLC bought a new stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 16,532 shares of the bank’s stock, valued at approximately $888,000.

Several other hedge funds also recently modified their holdings of BNS. BNP Paribas Financial Markets lifted its position in shares of Bank of Nova Scotia by 1,588.2% in the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after buying an additional 810 shares during the last quarter. City State Bank bought a new stake in Bank of Nova Scotia during the third quarter worth approximately $57,000. Fortitude Family Office LLC acquired a new position in Bank of Nova Scotia during the fourth quarter valued at approximately $73,000. Blue Trust Inc. lifted its stake in shares of Bank of Nova Scotia by 171.6% in the third quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock worth $86,000 after buying an additional 997 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Bank of Nova Scotia during the 3rd quarter worth $111,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Tuesday, November 19th. UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Monday, November 18th. Barclays raised shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. 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. Finally, Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $72.00.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock opened at $52.17 on Wednesday. The company has a market cap of $64.97 billion, a PE ratio of 12.08, a PEG ratio of 1.16 and a beta of 1.08. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07. The company’s 50-day moving average is $53.96 and its two-hundred day moving average is $51.70.

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 $0.7535 dividend. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.78%. The ex-dividend date of this dividend is Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 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.