The Bank of Nova Scotia (NYSE:BNS) Stock Position Cut by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. decreased its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,127,370 shares of the bank’s stock after selling 117,462 shares during the quarter. Bank of Nova Scotia makes up 4.3% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 2nd biggest holding. Letko Brosseau & Associates Inc. owned approximately 0.33% of Bank of Nova Scotia worth $221,521,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in the company. Murphy & Mullick Capital Management Corp acquired a new position in Bank of Nova Scotia during the 4th quarter worth approximately $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Bank of Nova Scotia in the fourth quarter worth about $31,000. Allworth Financial LP lifted its stake in shares of Bank of Nova Scotia by 121.1% in the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock worth $33,000 after acquiring an additional 350 shares in the last quarter. Atlas Capital Advisors Inc. acquired a new position in Bank of Nova Scotia in the fourth quarter worth about $83,000. Finally, Dunhill Financial LLC acquired a new position in Bank of Nova Scotia in the fourth quarter valued at approximately $95,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on BNS. Bank of America cut shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research note on Monday, March 31st. Royal Bank of Canada dropped their price target on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 26th. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Finally, Cibc World Mkts cut shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $81.00.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock opened at $50.20 on Monday. The business’s 50 day simple moving average is $47.98 and its 200 day simple moving average is $51.17. The Bank of Nova Scotia has a 12 month low of $43.68 and a 12 month high of $57.07. The company has a market cap of $62.53 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 1.16 and a beta of 1.11. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59.

Bank of Nova Scotia Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st were issued a dividend of $0.7415 per share. This represents a $2.97 dividend on an annualized basis and a dividend yield of 5.91%. The ex-dividend date of this dividend was Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio is currently 83.05%.

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.