The Bank of Nova Scotia (NYSE:BNS) Shares Sold by Investment Management Corp of Ontario

Investment Management Corp of Ontario trimmed its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 189,212 shares of the bank’s stock after selling 3,831 shares during the quarter. Investment Management Corp of Ontario’s holdings in Bank of Nova Scotia were worth $10,164,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Murphy & Mullick Capital Management Corp purchased a new position in Bank of Nova Scotia in the 4th quarter valued at $25,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Bank of Nova Scotia in the 4th quarter worth $31,000. Allworth Financial LP boosted its holdings 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 valued at $33,000 after acquiring an additional 350 shares in the last quarter. Fortitude Family Office LLC acquired a new position in shares of Bank of Nova Scotia during the fourth quarter worth about $73,000. Finally, Atlas Capital Advisors Inc. purchased a new position in Bank of Nova Scotia during the fourth quarter worth about $83,000. Institutional investors and hedge funds own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

NYSE BNS opened at $50.20 on Friday. The business has a 50 day moving average price of $47.98 and a 200 day moving average price of $51.18. The company has a market capitalization of $62.53 billion, a P/E ratio of 11.62, a PEG ratio of 1.16 and a beta of 1.11. The Bank of Nova Scotia has a 1-year low of $43.68 and a 1-year high of $57.07. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. CIBC reaffirmed 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 report on Tuesday, February 18th. Bank of America downgraded Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Monday, March 31st. Finally, Royal Bank of Canada lowered 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $81.00.

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.