The Bank of Nova Scotia (NYSE:BNS) Shares Sold by Nexus Investment Management ULC

Nexus Investment Management ULC decreased its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 3.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 698,537 shares of the bank’s stock after selling 21,705 shares during the quarter. Bank of Nova Scotia makes up 3.7% of Nexus Investment Management ULC’s holdings, making the stock its 8th biggest position. Nexus Investment Management ULC owned about 0.06% of Bank of Nova Scotia worth $37,426,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. The Manufacturers Life Insurance Company increased its position in shares of Bank of Nova Scotia by 17.5% during the third quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock worth $241,981,000 after purchasing an additional 660,097 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Bank of Nova Scotia by 2,455.8% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,521,906 shares of the bank’s stock valued at $69,627,000 after buying an additional 1,462,360 shares during the last quarter. Intact Investment Management Inc. lifted its stake in shares of Bank of Nova Scotia by 48.3% in the third quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock worth $85,201,000 after buying an additional 509,120 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Bank of Nova Scotia by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,744,062 shares of the bank’s stock worth $204,214,000 after acquiring an additional 150,247 shares during the last quarter. Finally, Mackenzie Financial Corp grew its stake in Bank of Nova Scotia by 4.7% during the 2nd quarter. Mackenzie Financial Corp now owns 15,091,880 shares of the bank’s stock valued at $690,438,000 after acquiring an additional 683,946 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 Bank of Nova Scotia stock opened at $50.86 on Friday. The business’s fifty day simple moving average is $54.26 and its 200-day simple moving average is $51.37. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm has a market cap of $63.34 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. The Bank of Nova Scotia has a 52 week low of $43.67 and a 52 week high of $57.07.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th will be given a $0.7535 dividend. The ex-dividend date is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a yield of 5.93%. Bank of Nova Scotia’s payout ratio is currently 68.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BNS shares. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 21st. Canaccord Genuity Group upgraded Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Royal Bank of Canada upped their price objective on shares of Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a report on Wednesday, December 4th. Finally, Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $72.00.

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.