Avanza Fonder AB Trims Position in The Bank of Nova Scotia (NYSE:BNS)

Avanza Fonder AB cut its holdings in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 12.8% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 71,293 shares of the bank’s stock after selling 10,500 shares during the quarter. Avanza Fonder AB’s holdings in Bank of Nova Scotia were worth $3,381,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of BNS. Savant Capital LLC purchased a new position in Bank of Nova Scotia during the 4th quarter worth approximately $219,000. Van ECK Associates Corp grew its stake in shares of Bank of Nova Scotia by 1.5% during the 4th quarter. Van ECK Associates Corp now owns 364,598 shares of the bank’s stock worth $19,566,000 after purchasing an additional 5,452 shares during the period. Rhumbline Advisers grew its stake in shares of Bank of Nova Scotia by 3.8% during the 4th quarter. Rhumbline Advisers now owns 10,589 shares of the bank’s stock worth $569,000 after purchasing an additional 392 shares during the period. Principal Securities Inc. grew its stake in shares of Bank of Nova Scotia by 259.6% during the 4th quarter. Principal Securities Inc. now owns 3,046 shares of the bank’s stock worth $164,000 after purchasing an additional 2,199 shares during the period. Finally, Allworth Financial LP grew its stake in shares of Bank of Nova Scotia by 121.1% during the 4th quarter. Allworth Financial LP now owns 639 shares of the bank’s stock worth $33,000 after purchasing an additional 350 shares during the period. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Price Performance

Bank of Nova Scotia stock opened at $54.07 on Wednesday. The company’s fifty day moving average price is $49.92 and its 200 day moving average price is $50.99. The Bank of Nova Scotia has a 1 year low of $43.68 and a 1 year high of $57.07. The stock has a market capitalization of $67.35 billion, a P/E ratio of 12.52, a P/E/G ratio of 1.16 and a beta of 1.13. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its quarterly earnings results on Tuesday, May 27th. The bank reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.08). The company had revenue of $6.59 billion during the quarter, compared to analyst estimates of $8.98 billion. Bank of Nova Scotia had a net margin of 10.20% and a return on equity of 11.56%. Bank of Nova Scotia’s revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.58 EPS. As a group, equities research analysts anticipate that The Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Bank of Nova Scotia Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 29th. Shareholders of record on Wednesday, July 2nd will be issued a $0.7996 dividend. The ex-dividend date of this dividend is Wednesday, July 2nd. This represents a $3.20 dividend on an annualized basis and a yield of 5.92%. This is a positive change from Bank of Nova Scotia’s previous quarterly dividend of $0.74. Bank of Nova Scotia’s dividend payout ratio (DPR) is presently 93.84%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Royal Bank of Canada dropped their price objective 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 World Mkts cut shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. 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. CIBC reissued a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Finally, Wall Street Zen raised shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Friday, May 30th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.