The Bank of Nova Scotia (NYSE:BNS) Stock Position Lessened by Letko Brosseau & Associates Inc.

Letko Brosseau & Associates Inc. trimmed its holdings in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 0.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,425,402 shares of the bank’s stock after selling 19,295 shares during the period. Bank of Nova Scotia comprises approximately 3.8% of Letko Brosseau & Associates Inc.’s holdings, making the stock its 3rd biggest holding. Letko Brosseau & Associates Inc.’s holdings in Bank of Nova Scotia were worth $202,391,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Mather Group LLC. increased its position in Bank of Nova Scotia by 1,388.9% during the second quarter. Mather Group LLC. now owns 536 shares of the bank’s stock worth $25,000 after buying an additional 500 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Bank of Nova Scotia by 3,127.8% during the second quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock valued at $27,000 after acquiring an additional 563 shares during the last quarter. Bruce G. Allen Investments LLC increased its position in 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 purchasing an additional 242 shares in the last quarter. Global Retirement Partners LLC raised its stake in Bank of Nova Scotia by 144.6% in the 1st quarter. Global Retirement Partners LLC now owns 959 shares of the bank’s stock valued at $50,000 after purchasing an additional 567 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Bank of Nova Scotia in the 1st quarter valued at about $53,000. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on BNS. UBS Group assumed coverage on shares of Bank of Nova Scotia in a report on Tuesday, July 2nd. They set a “neutral” rating for the company. StockNews.com downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $69.00.

Bank of Nova Scotia Trading Down 0.3 %

Shares of BNS stock traded down $0.13 during trading hours on Friday, hitting $50.50. 1,289,633 shares of the company were exchanged, compared to its average volume of 1,840,729. The firm has a fifty day moving average of $47.01 and a 200 day moving average of $47.67. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.61. The Bank of Nova Scotia has a 1 year low of $39.79 and a 1 year high of $51.98. The firm has a market cap of $62.09 billion, a PE ratio of 11.37, a PEG ratio of 1.58 and a beta of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings results on Tuesday, August 27th. The bank reported $1.63 EPS for the quarter, topping the consensus estimate of $1.62 by $0.01. Bank of Nova Scotia had a net margin of 9.84% and a return on equity of 11.14%. The firm had revenue of $8.36 billion during the quarter, compared to analyst estimates of $8.53 billion. During the same quarter in the prior year, the business posted $1.30 earnings per share. Bank of Nova Scotia’s revenue for the quarter was up 3.7% compared to the same quarter last year. Analysts expect that The Bank of Nova Scotia will post 4.8 earnings per share for the current year.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 29th. Investors of record on Wednesday, October 2nd will be issued a $0.768 dividend. This represents a $3.07 dividend on an annualized basis and a yield of 6.08%. The ex-dividend date is Wednesday, October 2nd. Bank of Nova Scotia’s payout ratio is currently 69.14%.

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.