May Hill Capital LLC Takes Position in The Bank of Nova Scotia (NYSE:BNS)

May Hill Capital LLC acquired a new stake in The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,645 shares of the bank's stock, valued at approximately $357,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its stake in shares of Bank of Nova Scotia by 1,588.2% in the third 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. Captrust Financial Advisors boosted its position in shares of Bank of Nova Scotia by 2.5% during the 3rd quarter. Captrust Financial Advisors now owns 22,329 shares of the bank's stock worth $1,217,000 after purchasing an additional 536 shares in the last quarter. Verition Fund Management LLC acquired a new position in shares of Bank of Nova Scotia during the 3rd quarter worth $258,000. Janus Henderson Group PLC increased its holdings in shares of Bank of Nova Scotia by 7.9% in the 3rd quarter. Janus Henderson Group PLC now owns 153,849 shares of the bank's stock valued at $8,390,000 after purchasing an additional 11,300 shares in the last quarter. Finally, Murchinson Ltd. purchased a new stake in Bank of Nova Scotia during the third quarter worth about $249,000. Institutional investors and hedge funds own 49.13% of the company's stock.

Analyst Ratings Changes

BNS has been the subject of several research analyst reports. Bank of America downgraded Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research note on Monday, March 31st. Royal Bank of Canada cut 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. Cibc World Mkts cut shares of Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 18th. Finally, CIBC reaffirmed a "neutral" rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $81.00.

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Bank of Nova Scotia Price Performance

BNS stock traded down $1.45 during trading on Friday, hitting $46.92. The stock had a trading volume of 3,802,191 shares, compared to its average volume of 1,673,873. The stock has a market cap of $58.44 billion, a price-to-earnings ratio of 10.86, a price-to-earnings-growth ratio of 1.16 and a beta of 1.02. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The company's 50 day moving average price is $49.45 and its two-hundred day moving average price is $52.16. The Bank of Nova Scotia has a 1-year low of $43.68 and a 1-year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be given a $0.7415 dividend. This represents a $2.97 dividend on an annualized basis and a dividend yield of 6.32%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia's dividend payout ratio is presently 82.77%.

About Bank of Nova Scotia

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.