Burgundy Asset Management Ltd. Sells 22,024 Shares of The Bank of Nova Scotia (NYSE:BNS)

Burgundy Asset Management Ltd. cut its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,225,956 shares of the bank’s stock after selling 22,024 shares during the period. Burgundy Asset Management Ltd. owned 0.10% of Bank of Nova Scotia worth $56,053,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Rathbones Group PLC increased its holdings in shares of Bank of Nova Scotia by 11.8% during the second quarter. Rathbones Group PLC now owns 136,337 shares of the bank’s stock valued at $6,235,000 after acquiring an additional 14,379 shares in the last quarter. Tobam increased its stake in Bank of Nova Scotia by 49.7% during the 1st quarter. Tobam now owns 4,130 shares of the bank’s stock valued at $214,000 after purchasing an additional 1,371 shares in the last quarter. US Bancorp DE raised its holdings in Bank of Nova Scotia by 2.5% during the fourth quarter. US Bancorp DE now owns 68,826 shares of the bank’s stock worth $3,351,000 after buying an additional 1,660 shares during the last quarter. Wellington Management Group LLP raised its holdings in Bank of Nova Scotia by 1.5% during the fourth quarter. Wellington Management Group LLP now owns 2,280,248 shares of the bank’s stock worth $111,232,000 after buying an additional 33,490 shares during the last quarter. Finally, Prudential PLC lifted its stake in shares of Bank of Nova Scotia by 141.7% in the fourth quarter. Prudential PLC now owns 38,482 shares of the bank’s stock valued at $1,873,000 after buying an additional 22,561 shares in the last quarter. 49.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BNS has been the topic of a number of analyst reports. UBS Group assumed coverage on shares of Bank of Nova Scotia in a report on Tuesday, July 2nd. They issued a “neutral” rating on the stock. StockNews.com cut Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Wednesday, May 29th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat, Bank of Nova Scotia has an average rating of “Hold” and a consensus target price of $69.00.

Bank of Nova Scotia Stock Down 0.2 %

Bank of Nova Scotia stock opened at $52.44 on Thursday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market cap of $64.48 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 1.64 and a beta of 1.04. The Bank of Nova Scotia has a fifty-two week low of $39.79 and a fifty-two week high of $53.00. The firm’s 50-day simple moving average is $48.04 and its 200 day simple moving average is $47.90.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.01. Bank of Nova Scotia had a return on equity of 11.14% and a net margin of 9.84%. The company had revenue of $8.36 billion during the quarter, compared to analyst estimates of $8.53 billion. During the same period in the prior year, the company posted $1.30 earnings per share. Bank of Nova Scotia’s quarterly revenue was up 3.7% on a year-over-year basis. Research analysts predict that The Bank of Nova Scotia will post 4.8 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd will be issued a $0.768 dividend. This represents a $3.07 dividend on an annualized basis and a dividend yield of 5.86%. The ex-dividend date of this dividend is Wednesday, October 2nd. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 70.72%.

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.