Investment Management Corp of Ontario Reduces Holdings in The Bank of Nova Scotia (NYSE:BNS)

Investment Management Corp of Ontario lowered its position in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 189,212 shares of the bank’s stock after selling 3,831 shares during the period. 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 (SEC).

Several other institutional investors have also recently made changes to their positions in BNS. Magnus Financial Group LLC raised its position in Bank of Nova Scotia by 4.1% in the 4th 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. Private Advisor Group LLC increased its stake in shares of Bank of Nova Scotia by 3.5% during the fourth quarter. Private Advisor Group LLC now owns 6,248 shares of the bank’s stock worth $336,000 after buying an additional 211 shares during the period. Moran Wealth Management LLC raised its holdings in Bank of Nova Scotia by 6.5% in the fourth quarter. Moran Wealth Management LLC now owns 3,925 shares of the bank’s stock valued at $211,000 after acquiring an additional 240 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in Bank of Nova Scotia by 4.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,399 shares of the bank’s stock worth $290,000 after acquiring an additional 248 shares during the last quarter. Finally, Lindbrook Capital LLC grew its holdings in Bank of Nova Scotia by 10.2% during the 4th quarter. Lindbrook Capital LLC now owns 2,860 shares of the bank’s stock worth $154,000 after acquiring an additional 264 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

Shares of BNS stock opened at $50.20 on Friday. 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 quick ratio of 1.03 and a current ratio of 1.03. The firm 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 stock’s 50-day moving average is $47.98 and its two-hundred day moving average is $51.18.

Bank of Nova Scotia Cuts Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BNS. CIBC restated a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Royal Bank of Canada decreased 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 report on Wednesday, February 26th. Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Finally, Bank of America lowered Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research report on Monday, March 31st. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Bank of Nova Scotia presently has a consensus rating of “Hold” and a consensus target price 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.