Cardinal Capital Management Inc. cut its position in shares of The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 0.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,067,324 shares of the bank's stock after selling 16,372 shares during the period. Bank of Nova Scotia comprises 3.8% of Cardinal Capital Management Inc.'s portfolio, making the stock its 11th biggest position. Cardinal Capital Management Inc. owned 0.17% of Bank of Nova Scotia worth $110,764,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Magnus Financial Group LLC boosted its stake in shares of Bank of Nova Scotia by 4.1% during the fourth quarter. Magnus Financial Group LLC now owns 5,100 shares of the bank's stock valued at $274,000 after purchasing an additional 200 shares in the last quarter. Atomi Financial Group Inc. lifted its holdings in Bank of Nova Scotia by 28.3% during the fourth quarter. Atomi Financial Group Inc. now owns 11,065 shares of the bank's stock worth $594,000 after buying an additional 2,439 shares during the period. Addenda Capital Inc. lifted its holdings in Bank of Nova Scotia by 4.0% during the fourth quarter. Addenda Capital Inc. now owns 1,175,246 shares of the bank's stock worth $63,134,000 after buying an additional 44,692 shares during the period. Galibier Capital Management Ltd. boosted its position in Bank of Nova Scotia by 38,283.3% during the 4th quarter. Galibier Capital Management Ltd. now owns 476,721 shares of the bank's stock valued at $25,586,000 after acquiring an additional 475,479 shares in the last quarter. Finally, Merit Financial Group LLC increased its holdings in shares of Bank of Nova Scotia by 5.8% in the 4th quarter. Merit Financial Group LLC now owns 4,905 shares of the bank's stock valued at $264,000 after acquiring an additional 271 shares during the period. 49.13% of the stock is currently owned by hedge funds and other institutional investors.
Bank of Nova Scotia Stock Performance
Bank of Nova Scotia stock traded up $0.24 during mid-day trading on Thursday, reaching $51.69. 853,145 shares of the company traded hands, compared to its average volume of 2,472,694. The Bank of Nova Scotia has a fifty-two week low of $43.67 and a fifty-two week high of $57.07. The firm's fifty day moving average is $54.11 and its two-hundred day moving average is $51.53. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $64.38 billion, a price-to-earnings ratio of 11.96, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08.
Bank of Nova Scotia Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th will be paid a dividend of $0.7535 per share. The ex-dividend date of this dividend is Tuesday, January 7th. This represents a $3.01 annualized dividend and a yield of 5.83%. Bank of Nova Scotia's payout ratio is presently 68.29%.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on the company. Barclays upgraded Bank of Nova Scotia from an "underweight" rating to an "equal weight" rating in a research note on Thursday, November 21st. Bank of America raised shares of Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a research report on Tuesday, November 19th. Royal Bank of Canada lifted their price objective on shares of Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a "sector perform" rating in a research report on Wednesday, December 4th. TD Securities raised shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Finally, Canaccord Genuity Group raised shares of Bank of Nova Scotia from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $72.00.
Get Our Latest Stock Analysis on Bank of Nova Scotia
Bank of Nova Scotia Company Profile
(
Free Report)
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.
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