Verition Fund Management LLC Acquires 4,742 Shares of The Bank of Nova Scotia (NYSE:BNS)

On December 15, 2024, Verition Fund Management LLC disclosed that it has bought a new stake in The Bank of Nova Scotia (NYSE:BNS) during the third quarter, according to its latest filing with the Securities and Exchange Commission. The firm acquired 4,742 shares of the bank's stock, which is valued at approximately $258,000.

In addition to Verition's acquisition, several other hedge funds have recently adjusted their positions in The Bank of Nova Scotia. For instance, Pathway Financial Advisers LLC significantly increased its holdings by 5,380.9% during the third quarter, bringing its total ownership to 3,972,234 shares worth $216,447,000 after adding 3,899,760 shares. Barrow Hanley Mewhinney & Strauss LLC also entered a new investment in the second quarter, acquiring shares valued at about $120,463,000. Furthermore, the Healthcare of Ontario Pension Plan Trust Fund grew its stake by 24.9% during the third quarter, now owning 11,757,961 shares valued at $640,624,000 following the purchase of an additional 2,346,995 shares. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp made a remarkable increase of 2,455.8% by acquiring 1,521,906 shares worth $69,627,000 in the second quarter. Lastly, Nicola Wealth Management LTD raised its holdings by 53.3% during the second quarter, now owning 2,300,000 shares worth $105,156,000. Overall, institutional investors control about 49.13% of the company’s stock.

Stock Performance of The Bank of Nova Scotia

The Bank of Nova Scotia's stock opened at $55.42 on Friday. In the past year, the shares have reached a low of $43.67 and a high of $57.07. The bank reports a quick ratio and current ratio of 1.03 each, alongside a debt-to-equity ratio of 0.59. The 50-day moving average stands at $54.13, while the 200-day moving average is at $50.26. The market capitalization of the firm is around $69.00 billion, with a price-to-earnings ratio of 12.83 and a PEG ratio of 1.26. The stock also has a beta of 1.07, indicating a fairly stable market behavior.

Dividend Announcement

Recently, The Bank of Nova Scotia announced a quarterly dividend which is scheduled to be paid on January 29. Shareholders who are recorded on January 7 will receive a dividend of $0.7535 per share. This translates to an annualized dividend of $3.01, resulting in a yield of 5.44%. The ex-dividend date is set for January 7, and the dividend payout ratio currently stands at 72.45%.

Analyst Views and Rating Changes

Several analysts have recently reevaluated their projections for The Bank of Nova Scotia. For example, Canaccord Genuity Group upgraded the stock from a “hold” rating to a “buy” rating in a report dated November 19. UBS Group similarly upgraded the stock from “neutral” to “buy” on November 18. Furthermore, Cibc World Mkts improved its rating from “hold” to “strong-buy” on September 20. Barclays also changed its stance, moving from an “underweight” rating to “equal weight” on November 21. Finally, Bank of America shifted from a “neutral” to a “buy” rating on November 19. Currently, one research analyst rates the stock as a sell, three recommend holding, five suggest buying, and one offers a strong buy rating. MarketBeat.com indicates an average rating of “Moderate Buy” and an average target price of $72.00 for the stock.

About The Bank of Nova Scotia

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

Verition, Investment, Bank