Cidel Asset Management Increases Stake in Bank of Nova Scotia

Cidel Asset Management Inc. has increased its shareholding in the Bank of Nova Scotia (NYSE: BNS, TSE: BNS) by 1.5% during the second quarter of 2023, according to data from HoldingsChannel.com. The institutional investor now holds a total of 176,053 shares, having acquired an additional 2,663 shares during this period. The value of Cidel’s holdings in the bank stands at approximately $9.7 million.

Several other institutional investors have also adjusted their positions in the Bank of Nova Scotia recently. For instance, Wealth Enhancement Advisory Services LLC raised its stake by an impressive 134.3% in the first quarter, now owning 53,015 shares valued at about $2.5 million after purchasing 30,386 additional shares. Similarly, Janney Montgomery Scott LLC increased its position by 4.3%, resulting in ownership of 10,801 shares valued at $512,000 after acquiring 442 shares in the same period.

Cambridge Investment Research Advisors Inc. also expanded its holdings by 3.2%, owning 14,938 shares valued at $709,000 after an additional purchase of 466 shares. In a notable move, JCIC Asset Management Inc. established a new position in the bank valued at $174,000. Bessemer Group Inc. achieved a 145.7% increase, acquiring 61,326 shares to reach a total of 103,414 shares valued at approximately $4.9 million. Collectively, hedge funds and institutional investors now own approximately 49.13% of the company’s stock.

Current Stock Performance and Analyst Insights

As of the latest trading session, the Bank of Nova Scotia’s stock opened at $63.75. The bank has experienced a 12-month low of $44.09 and a high of $65.52. Key financial metrics indicate a current ratio of 1.03, a quick ratio of 1.03, and a debt-to-equity ratio of 0.66. The company has a market capitalization of approximately $79.1 billion, with a price-to-earnings ratio of 17.14 and a PEG ratio of 1.46.

Recent changes in analyst ratings reflect a varied outlook for the bank. Wall Street Zen upgraded Bank of Nova Scotia from a “sell” rating to a “hold” rating on August 30, 2023. Meanwhile, Royal Bank of Canada increased its price target from $80.00 to $86.00 while maintaining a “sector perform” rating as of August 27, 2023. Weiss Ratings reaffirmed a “buy (B-)” rating on October 8, 2023. Currently, five analysts have rated the stock with a “buy” rating, and five have issued a “hold” rating, leading to a consensus rating of “Moderate Buy” with a price target of $86.00, according to MarketBeat.com.

About Bank of Nova Scotia

The Bank of Nova Scotia, one of Canada’s leading financial institutions, offers a wide array of banking products and services across various regions, including Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean, and Central America. The bank operates through multiple segments, including Canadian Banking, International Banking, Global Wealth Management, and Global Banking and Markets.

For more detailed information about institutional holdings and insider transactions, interested parties can visit HoldingsChannel.com, which provides the latest 13F filings related to Bank of Nova Scotia.