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

Commonwealth Equity Services LLC decreased its position in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 6.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 19,278 shares of the bank’s stock after selling 1,275 shares during the period. Commonwealth Equity Services LLC’s holdings in Bank of Nova Scotia were worth $1,036,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Toronto Dominion Bank lifted its holdings 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 buying an additional 2,195,604 shares during the last quarter. CIBC Asset Management Inc raised its position in Bank of Nova Scotia by 1.8% during the fourth quarter. CIBC Asset Management Inc now owns 10,259,279 shares of the bank’s stock valued at $551,766,000 after acquiring an additional 184,761 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in 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 acquiring an additional 385,333 shares during the last quarter. Geode Capital Management LLC grew its position in Bank of Nova Scotia by 10.3% in the third quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock worth $310,817,000 after acquiring an additional 524,496 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Bank of Nova Scotia by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,820,344 shares of the bank’s stock worth $205,048,000 after purchasing an additional 76,282 shares during the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Down 0.6 %

BNS stock opened at $47.44 on Tuesday. The stock has a market capitalization of $59.08 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11. The company has a 50-day moving average of $49.80 and a two-hundred day moving average of $52.30. The Bank of Nova Scotia has a 52-week low of $43.68 and a 52-week high of $57.07. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

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

Wall Street Analyst Weigh In

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

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.