Shell Asset Management Co. trimmed its stake in Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 13.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 254,427 shares of the bank’s stock after selling 40,494 shares during the quarter. Shell Asset Management Co.’s holdings in Bank of Nova Scotia were worth $15,154,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Raymond James & Associates grew its holdings in shares of Bank of Nova Scotia by 1.9% in the 2nd quarter. Raymond James & Associates now owns 51,024 shares of the bank’s stock worth $2,889,000 after acquiring an additional 951 shares during the last quarter. Creative Planning grew its holdings in shares of Bank of Nova Scotia by 7.4% in the 2nd quarter. Creative Planning now owns 14,084 shares of the bank’s stock worth $806,000 after acquiring an additional 971 shares during the last quarter. Coastline Trust Co grew its holdings in shares of Bank of Nova Scotia by 24.8% during the second quarter. Coastline Trust Co now owns 6,800 shares of the bank’s stock valued at $390,000 after buying an additional 1,350 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Bank of Nova Scotia by 4.6% during the third quarter. PNC Financial Services Group Inc. now owns 36,578 shares of the bank’s stock valued at $2,180,000 after buying an additional 1,600 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in shares of Bank of Nova Scotia by 193.7% during the second quarter. Advisors Asset Management Inc. now owns 2,664 shares of the bank’s stock valued at $152,000 after buying an additional 1,757 shares in the last quarter. Institutional investors and hedge funds own 46.42% of the company’s stock.
Shares of BNS stock opened at $52.80 on Friday. Bank of Nova Scotia has a 1-year low of $52.09 and a 1-year high of $66.78. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.09. The firm has a market cap of $64.83 billion, a PE ratio of 10.08, a price-to-earnings-growth ratio of 1.54 and a beta of 1.25.
The company also recently announced a quarterly dividend, which was paid on Monday, October 29th. Shareholders of record on Tuesday, October 2nd were paid a $0.6539 dividend. The ex-dividend date of this dividend was Monday, October 1st. This represents a $2.62 dividend on an annualized basis and a yield of 4.95%. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.64. Bank of Nova Scotia’s payout ratio is 50.19%.
A number of brokerages have recently weighed in on BNS. Canaccord Genuity reiterated a “hold” rating on shares of Bank of Nova Scotia in a report on Thursday. TD Securities reiterated a “buy” rating on shares of Bank of Nova Scotia in a report on Monday, November 19th. Barclays reiterated an “average” rating and set a $85.00 price target on shares of Bank of Nova Scotia in a report on Friday, November 16th. Zacks Investment Research downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Friday, November 9th. Finally, Desjardins reiterated an “average” rating and set a $85.00 price target on shares of Bank of Nova Scotia in a report on Thursday, November 8th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $81.00.
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Bank of Nova Scotia Profile
The Bank of Nova Scotia provides various financial services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. It offers financial advice and solutions, and day-to-day banking products, including debit and credit cards, chequing and saving accounts, investments, mortgages, loans, and related creditor insurance to individuals and small businesses; and commercial banking solutions comprising lending, deposit, cash management, and trade finance solutions to medium and large businesses, including automotive dealers and their customers.
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