The Bank of Nova Scotia (NYSE:BNS) Stock Position Lessened by Addenda Capital Inc.

Addenda Capital Inc. lowered its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 1.3% during the first quarter, Holdings Channel reports. The institutional investor owned 1,176,492 shares of the bank’s stock after selling 14,992 shares during the quarter. Bank of Nova Scotia comprises approximately 2.9% of Addenda Capital Inc.’s investment portfolio, making the stock its 8th largest holding. Addenda Capital Inc.’s holdings in Bank of Nova Scotia were worth $60,919,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its position in Bank of Nova Scotia by 1.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,432 shares of the bank’s stock worth $799,000 after purchasing an additional 219 shares during the last quarter. Cardinal Capital Management grew its position in Bank of Nova Scotia by 7.5% during the 1st quarter. Cardinal Capital Management now owns 51,788 shares of the bank’s stock worth $2,682,000 after purchasing an additional 3,623 shares during the last quarter. Affinity Capital Advisors LLC purchased a new stake in Bank of Nova Scotia during the 1st quarter worth approximately $201,000. Ballentine Partners LLC grew its position in Bank of Nova Scotia by 45.0% during the 1st quarter. Ballentine Partners LLC now owns 12,868 shares of the bank’s stock worth $666,000 after purchasing an additional 3,996 shares during the last quarter. Finally, International Assets Investment Management LLC grew its position in Bank of Nova Scotia by 0.6% during the 1st quarter. International Assets Investment Management LLC now owns 51,646 shares of the bank’s stock worth $2,674,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

NYSE BNS traded up $0.16 on Friday, hitting $45.73. 2,912,042 shares of the company’s stock traded hands, compared to its average volume of 1,918,432. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.57. The Bank of Nova Scotia has a 1-year low of $39.79 and a 1-year high of $51.98. The firm’s 50-day moving average price is $46.96 and its two-hundred day moving average price is $47.64. The firm has a market capitalization of $56.23 billion, a PE ratio of 10.30, a P/E/G ratio of 1.68 and a beta of 1.05.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last announced its quarterly earnings data on Tuesday, May 28th. The bank reported $1.16 EPS for the quarter, beating the consensus estimate of $1.14 by $0.02. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. The business had revenue of $6.15 billion during the quarter, compared to analysts’ expectations of $6.10 billion. As a group, analysts expect that The Bank of Nova Scotia will post 4.82 EPS for the current year.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Wednesday, July 3rd will be paid a $0.769 dividend. This represents a $3.08 annualized dividend and a dividend yield of 6.73%. The ex-dividend date is Wednesday, July 3rd. Bank of Nova Scotia’s dividend payout ratio is currently 70.72%.

Analyst Upgrades and Downgrades

BNS has been the topic of several research analyst reports. Barclays initiated coverage on shares of Bank of Nova Scotia in a research report on Wednesday, March 20th. They set an “underweight” rating and a $70.00 target price on the stock. StockNews.com downgraded shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research report on Wednesday, May 29th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $68.00.

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.