Cumberland Partners Ltd Cuts Stake in The Bank of Nova Scotia (NYSE:BNS)

Cumberland Partners Ltd lowered its position in The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 39.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,683 shares of the bank's stock after selling 30,347 shares during the quarter. Cumberland Partners Ltd's holdings in Bank of Nova Scotia were worth $2,448,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BNS. Allworth Financial LP grew its stake in shares of Bank of Nova Scotia by 121.1% during the fourth quarter. Allworth Financial LP now owns 639 shares of the bank's stock worth $33,000 after purchasing an additional 350 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Bank of Nova Scotia by 1,588.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank's stock valued at $47,000 after buying an additional 810 shares in the last quarter. Fortitude Family Office LLC purchased a new position in shares of Bank of Nova Scotia during the fourth quarter worth about $73,000. Blue Trust Inc. boosted its stake in shares of Bank of Nova Scotia by 171.6% during the third quarter. Blue Trust Inc. now owns 1,578 shares of the bank's stock worth $86,000 after buying an additional 997 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in Bank of Nova Scotia in the 3rd quarter valued at about $111,000. Institutional investors and hedge funds own 49.13% of the company's stock.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock traded down $0.67 during midday trading on Friday, reaching $50.47. 959,818 shares of the company were exchanged, compared to its average volume of 1,870,278. The firm's 50-day simple moving average is $52.13 and its 200-day simple moving average is $52.19. The Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07. The company has a market capitalization of $62.86 billion, a price-to-earnings ratio of 11.68, a P/E/G ratio of 1.16 and a beta of 1.07. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 29th. Stockholders of record on Tuesday, January 7th were issued a dividend of $0.7535 per share. The ex-dividend date of this dividend was Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.97%. Bank of Nova Scotia's dividend payout ratio (DPR) is presently 68.29%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BNS. Royal Bank of Canada boosted their price target on Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a "sector perform" rating in a research note on Wednesday, December 4th. Bank of America upgraded Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a research report on Tuesday, November 19th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research report on Tuesday, November 19th. Cibc World Mkts lowered shares of Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Finally, TD Securities upgraded shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average 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.