First Trust Advisors LP Cuts Stock Holdings in The Bank of Nova Scotia (NYSE:BNS)

First Trust Advisors LP trimmed its position in shares of The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 8.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 914,201 shares of the bank's stock after selling 85,575 shares during the period. First Trust Advisors LP owned about 0.07% of Bank of Nova Scotia worth $49,108,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Forum Financial Management LP grew its stake in shares of Bank of Nova Scotia by 50.3% during the fourth quarter. Forum Financial Management LP now owns 15,483 shares of the bank's stock valued at $832,000 after buying an additional 5,180 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Bank of Nova Scotia by 7.1% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,014,087 shares of the bank's stock worth $54,365,000 after purchasing an additional 67,575 shares during the period. Coleford Investment Management Ltd. purchased a new stake in shares of Bank of Nova Scotia during the fourth quarter valued at approximately $11,514,000. Evergreen Capital Management LLC grew its holdings in shares of Bank of Nova Scotia by 10.8% in the fourth quarter. Evergreen Capital Management LLC now owns 10,850 shares of the bank's stock worth $583,000 after purchasing an additional 1,054 shares during the last quarter. Finally, Bridgewater Associates LP increased its stake in shares of Bank of Nova Scotia by 67.1% in the fourth quarter. Bridgewater Associates LP now owns 137,431 shares of the bank's stock worth $7,376,000 after buying an additional 55,202 shares during the period. Institutional investors own 49.13% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on BNS shares. CIBC reissued a "neutral" rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Cibc World Mkts lowered Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 18th. Bank of America lowered Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research report on Monday, March 31st. Finally, 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 for the company in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $81.00.

Bank of Nova Scotia Stock Up 0.5 %

BNS traded up $0.24 during trading on Friday, reaching $48.80. The stock had a trading volume of 1,933,957 shares, compared to its average volume of 1,695,794. The Bank of Nova Scotia has a one year low of $43.68 and a one year high of $57.07. The company has a market capitalization of $60.78 billion, a price-to-earnings ratio of 11.30, a P/E/G ratio of 1.16 and a beta of 1.02. 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's 50 day moving average is $48.00 and its two-hundred day moving average is $51.38.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be paid a $0.7415 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.97 annualized dividend and a dividend yield of 6.08%. Bank of Nova Scotia's payout ratio is 83.05%.

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.