The Bank of Nova Scotia (NYSE:BNS) Shares Sold by Cohen Investment Advisors LLC

Cohen Investment Advisors LLC lowered its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 3.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,749 shares of the bank’s stock after selling 242 shares during the period. Cohen Investment Advisors LLC’s holdings in Bank of Nova Scotia were worth $349,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC boosted its stake in shares of Bank of Nova Scotia by 70.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock worth $30,000 after acquiring an additional 242 shares in the last quarter. Fifth Third Bancorp boosted its position in Bank of Nova Scotia by 71.6% during the fourth quarter. Fifth Third Bancorp now owns 858 shares of the bank’s stock worth $42,000 after purchasing an additional 358 shares in the last quarter. Galibier Capital Management Ltd. acquired a new stake in Bank of Nova Scotia in the first quarter valued at $76,000. Addison Advisors LLC increased its position in shares of Bank of Nova Scotia by 88.6% in the fourth quarter. Addison Advisors LLC now owns 2,948 shares of the bank’s stock valued at $144,000 after buying an additional 1,385 shares in the last quarter. Finally, Hexagon Capital Partners LLC raised its stake in shares of Bank of Nova Scotia by 43.9% during the 4th quarter. Hexagon Capital Partners LLC now owns 3,986 shares of the bank’s stock worth $194,000 after buying an additional 1,216 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on BNS shares. StockNews.com cut shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Barclays assumed coverage on shares of Bank of Nova Scotia in a research report on Wednesday, March 20th. They issued an “underweight” rating and a $70.00 price target on the stock. Finally, UBS Group began coverage on Bank of Nova Scotia in a research report on Tuesday. They set a “neutral” rating for the company. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. According to data from MarketBeat.com, Bank of Nova Scotia presently has an average rating of “Hold” and a consensus price target of $68.00.

Bank of Nova Scotia Price Performance

BNS stock traded up $0.39 during trading on Thursday, hitting $45.42. The stock had a trading volume of 844,438 shares, compared to its average volume of 1,788,560. The stock has a market cap of $55.85 billion, a price-to-earnings ratio of 10.23, a price-to-earnings-growth ratio of 1.70 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03. The company’s 50 day moving average price is $46.87 and its two-hundred day moving average price is $47.64. The Bank of Nova Scotia has a 1-year low of $39.79 and a 1-year high of $51.98.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Tuesday, May 28th. The bank reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $6.10 billion. On average, sell-side analysts forecast that The Bank of Nova Scotia will post 4.82 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Wednesday, July 3rd will be given a $0.769 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 6.77%. The ex-dividend date is Wednesday, July 3rd. Bank of Nova Scotia’s dividend payout ratio is currently 70.72%.

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.