The Bank of Nova Scotia (NYSE:BNS) Stock Position Decreased 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% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,127,370 shares of the bank’s stock after selling 117,462 shares during the quarter. Bank of Nova Scotia comprises about 4.3% of Letko Brosseau & Associates Inc.’s investment portfolio, making the stock its 2nd biggest holding. Letko Brosseau & Associates Inc.’s holdings in Bank of Nova Scotia were worth $221,521,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Galibier Capital Management Ltd. increased its holdings in shares of Bank of Nova Scotia by 38,283.3% during the fourth 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. Bank of New York Mellon Corp increased its stake in Bank of Nova Scotia by 7.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,095,285 shares of the bank’s stock valued at $58,839,000 after purchasing an additional 77,820 shares in the last quarter. Mediolanum International Funds Ltd bought a new stake in Bank of Nova Scotia during the 4th quarter valued at about $292,000. Blue Trust Inc. lifted its position in Bank of Nova Scotia by 98.6% in the 4th quarter. Blue Trust Inc. now owns 3,134 shares of the bank’s stock valued at $171,000 after acquiring an additional 1,556 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings in shares of Bank of Nova Scotia by 11.8% during the fourth quarter. HighTower Advisors LLC now owns 11,438 shares of the bank’s stock valued at $614,000 after purchasing an additional 1,207 shares in the last quarter. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Trading Up 0.2%

Shares of BNS stock opened at $50.20 on Monday. The company has a market cap of $62.53 billion, a PE ratio of 11.62, a price-to-earnings-growth 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 stock’s 50 day simple moving average is $47.98 and its two-hundred day simple moving average is $51.17. 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 business also recently declared a quarterly dividend, which was paid on Monday, April 28th. Investors of record on Tuesday, April 1st were issued a dividend of $0.7415 per share. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $2.97 annualized dividend and a yield of 5.91%. Bank of Nova Scotia’s payout ratio is presently 83.05%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BNS shares. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Cibc World Mkts downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Bank of America lowered shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research report on Monday, March 31st. Finally, Royal Bank of Canada dropped 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 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’s stock. According to MarketBeat, Bank of Nova Scotia presently has an average rating of “Hold” and a consensus price target of $81.00.

Bank of Nova Scotia 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.