Murchinson Ltd. Invests $249,000 in The Bank of Nova Scotia (NYSE:BNS)

Murchinson Ltd. acquired a new stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 4,564 shares of the bank’s stock, valued at approximately $249,000.

Several other hedge funds have also added to or reduced their stakes in BNS. The Manufacturers Life Insurance Company raised its position in shares of Bank of Nova Scotia by 17.5% during the third quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock worth $241,981,000 after purchasing an additional 660,097 shares during the period. Rathbones Group PLC lifted its stake in Bank of Nova Scotia by 11.8% in the second quarter. Rathbones Group PLC now owns 136,337 shares of the bank’s stock valued at $6,235,000 after buying an additional 14,379 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of Bank of Nova Scotia by 2,455.8% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,521,906 shares of the bank’s stock valued at $69,627,000 after buying an additional 1,462,360 shares during the period. Intact Investment Management Inc. increased its position in shares of Bank of Nova Scotia by 48.3% during the third quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock worth $85,201,000 after acquiring an additional 509,120 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Bank of Nova Scotia by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,744,062 shares of the bank’s stock worth $204,214,000 after acquiring an additional 150,247 shares during the period. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Down 3.5 %

NYSE:BNS opened at $54.78 on Wednesday. The firm has a market capitalization of $68.17 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 1.46 and a beta of 1.07. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61. The Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month high of $57.07. The stock’s 50 day moving average price is $53.85 and its two-hundred day moving average price is $49.84.

Analyst Ratings Changes

Several analysts have issued reports on the company. UBS Group raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. TD Securities upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, Barclays raised shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Bank of Nova Scotia presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.00.

About Bank of Nova Scotia

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.