Principal Financial Group Inc. Sells 1,500 Shares of The Bank of Nova Scotia (NYSE:BNS)

Principal Financial Group Inc. lessened its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 4.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 30,800 shares of the bank’s stock after selling 1,500 shares during the period. Principal Financial Group Inc.’s holdings in Bank of Nova Scotia were worth $1,680,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Franklin Resources Inc. lifted its position in Bank of Nova Scotia by 15.4% in the 3rd quarter. Franklin Resources Inc. now owns 1,287,198 shares of the bank’s stock valued at $68,689,000 after acquiring an additional 171,539 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Bank of Nova Scotia during the third quarter valued at $111,000. Toronto Dominion Bank boosted its position in shares of Bank of Nova Scotia by 9.6% during the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after buying an additional 2,195,604 shares during the last quarter. Geode Capital Management LLC increased its holdings in Bank of Nova Scotia by 10.3% in the 3rd quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock worth $310,817,000 after buying an additional 524,496 shares in the last quarter. Finally, Executive Wealth Management LLC purchased a new position in Bank of Nova Scotia in the 3rd quarter worth about $619,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Trading Down 0.5 %

Shares of BNS stock opened at $53.39 on Friday. 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 company has a market cap of $66.47 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.26 and a beta of 1.07. The Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07. The firm has a fifty day moving average price of $54.48 and a 200-day moving average price of $50.96.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th will be issued a dividend of $0.7535 per share. This represents a $3.01 annualized dividend and a yield of 5.65%. The ex-dividend date is Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio is presently 72.45%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report 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. Royal Bank of Canada boosted their target price on shares of Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a research note on Wednesday, December 4th. Cibc World Mkts upgraded Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. Finally, Bank of America upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $72.00.

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.