Nexus Investment Management ULC reduced its position in shares of The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 3.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 698,537 shares of the bank's stock after selling 21,705 shares during the quarter. Bank of Nova Scotia comprises approximately 3.7% of Nexus Investment Management ULC's holdings, making the stock its 8th largest holding. Nexus Investment Management ULC owned 0.06% of Bank of Nova Scotia worth $37,426,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Toronto Dominion Bank boosted its position 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 acquiring an additional 2,195,604 shares during the last quarter. Mackenzie Financial Corp boosted its position in shares of Bank of Nova Scotia by 4.7% during the 2nd quarter. Mackenzie Financial Corp now owns 15,091,880 shares of the bank's stock valued at $690,438,000 after acquiring an additional 683,946 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Bank of Nova Scotia by 24.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank's stock worth $640,624,000 after buying an additional 2,346,995 shares during the last quarter. CIBC Asset Management Inc lifted its position in Bank of Nova Scotia by 2.4% in the third quarter. CIBC Asset Management Inc now owns 10,074,518 shares of the bank's stock worth $550,729,000 after buying an additional 240,803 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Bank of Nova Scotia by 0.6% in the second quarter. Legal & General Group Plc now owns 9,281,724 shares of the bank's stock worth $424,497,000 after buying an additional 57,796 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of brokerages recently issued reports on BNS. TD Securities upgraded Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. UBS Group upgraded Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a research report on Monday, November 18th. Royal Bank of Canada raised 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 report on Wednesday, December 4th. Canaccord Genuity Group upgraded Bank of Nova Scotia from a "hold" rating to a "buy" rating in a research report on Tuesday, November 19th. Finally, Bank of America upgraded Bank of Nova Scotia from a "neutral" rating to a "buy" rating in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $72.00.
Read Our Latest Research Report on Bank of Nova Scotia
Bank of Nova Scotia Trading Down 1.6 %
BNS stock traded down $0.84 during midday trading on Friday, reaching $50.86. The company's stock had a trading volume of 2,218,248 shares, compared to its average volume of 1,503,873. 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 stock has a fifty day simple moving average of $54.26 and a two-hundred day simple moving average of $51.41. The Bank of Nova Scotia has a 1 year low of $43.67 and a 1 year high of $57.07. The firm has a market capitalization of $63.34 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 1.16 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. Stockholders of record on Tuesday, January 7th will be paid a dividend of $0.7535 per share. The ex-dividend date is Tuesday, January 7th. This represents a $3.01 annualized dividend and a dividend yield of 5.93%. Bank of Nova Scotia's dividend payout ratio is currently 68.29%.
Bank of Nova Scotia 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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