The Bank of Nova Scotia (NYSE:BNS) Stock Position Cut by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lessened its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 6.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,278 shares of the bank’s stock after selling 1,275 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Bank of Nova Scotia were worth $1,036,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Toronto Dominion Bank boosted its position in shares of Bank of Nova Scotia by 9.6% during the 3rd quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after purchasing an additional 2,195,604 shares in the last quarter. Geode Capital Management LLC lifted its stake in Bank of Nova Scotia by 10.3% during the third quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock valued at $310,817,000 after purchasing an additional 524,496 shares during the last quarter. Quadrature Capital Ltd bought a new stake in Bank of Nova Scotia during the third quarter worth approximately $26,551,000. Galibier Capital Management Ltd. grew its position in Bank of Nova Scotia by 38,283.3% in the fourth quarter. Galibier Capital Management Ltd. now owns 476,721 shares of the bank’s stock worth $25,586,000 after buying an additional 475,479 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Bank of Nova Scotia by 5.0% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,096,123 shares of the bank’s stock valued at $434,196,000 after buying an additional 385,333 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BNS shares. Cibc World Mkts lowered Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. Royal Bank of Canada dropped their price target on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. CIBC restated a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Finally, Bank of America cut shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $81.00.

Bank of Nova Scotia Stock Down 0.6 %

Shares of Bank of Nova Scotia stock opened at $47.44 on Tuesday. The Bank of Nova Scotia has a 1 year low of $43.68 and a 1 year high of $57.07. The company has a market cap of $59.08 billion, a P/E ratio of 10.98, a P/E/G ratio of 1.16 and a beta of 1.11. 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 stock has a 50-day moving average price of $49.80 and a 200 day moving average price of $52.30.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be issued a dividend of $0.7415 per share. This represents a $2.97 annualized dividend and a dividend yield of 6.25%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio is currently 82.77%.

Bank of Nova Scotia 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.