The Bank of Nova Scotia (NYSE:BNS) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 4.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,727,615 shares of the bank’s stock after selling 295,945 shares during the period. JPMorgan Chase & Co. owned approximately 0.46% of Bank of Nova Scotia worth $307,687,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of BNS. Murphy & Mullick Capital Management Corp acquired a new stake in Bank of Nova Scotia during the 4th quarter worth about $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of Bank of Nova Scotia in the fourth quarter worth approximately $31,000. Allworth Financial LP raised its holdings in shares of Bank of Nova Scotia by 121.1% during the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock valued at $33,000 after acquiring an additional 350 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Bank of Nova Scotia by 1,588.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after acquiring an additional 810 shares in the last quarter. Finally, Fortitude Family Office LLC acquired a new position in Bank of Nova Scotia in the 4th quarter worth approximately $73,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Performance

Shares of NYSE BNS opened at $47.74 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The Bank of Nova Scotia has a one year low of $43.68 and a one year high of $57.07. The business’s 50-day moving average price is $49.87 and its two-hundred day moving average price is $52.33. The company has a market capitalization of $59.46 billion, a P/E ratio of 11.05, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be issued a $0.7415 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.97 dividend on an annualized basis and a yield of 6.21%. Bank of Nova Scotia’s dividend payout ratio is currently 82.77%.

Wall Street Analysts Forecast Growth

BNS has been the topic of several recent analyst reports. Royal Bank of Canada cut their target price 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 reissued a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Finally, Cibc World Mkts cut Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus 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.