Welch & Forbes LLC Sells 2,800 Shares of Bank of Nova Scotia (NYSE:BNS)

Welch & Forbes LLC lessened its stake in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 32.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 5,875 shares of the bank’s stock after selling 2,800 shares during the period. Welch & Forbes LLC’s holdings in Bank of Nova Scotia were worth $332,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Beutel Goodman & Co Ltd. increased its position in Bank of Nova Scotia by 4.0% during the third quarter. Beutel Goodman & Co Ltd. now owns 12,681,695 shares of the bank’s stock valued at $46,956,000 after acquiring an additional 486,635 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of Bank of Nova Scotia by 10.1% in the third quarter. CIBC Asset Management Inc now owns 7,356,996 shares of the bank’s stock valued at $417,933,000 after acquiring an additional 674,547 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Bank of Nova Scotia by 0.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,377,944 shares of the bank’s stock worth $135,185,000 after acquiring an additional 20,271 shares during the last quarter. Alberta Investment Management Corp lifted its holdings in shares of Bank of Nova Scotia by 27.1% in the 3rd quarter. Alberta Investment Management Corp now owns 2,029,772 shares of the bank’s stock worth $115,363,000 after acquiring an additional 433,400 shares during the last quarter. Finally, Cardinal Capital Management Inc. lifted its holdings in shares of Bank of Nova Scotia by 51.2% in the 4th quarter. Cardinal Capital Management Inc. now owns 1,486,129 shares of the bank’s stock worth $84,066,000 after acquiring an additional 502,922 shares during the last quarter. Institutional investors own 46.74% of the company’s stock.

NYSE:BNS opened at $55.47 on Friday. The company has a market cap of $67.49 billion, a price-to-earnings ratio of 10.32, a price-to-earnings-growth ratio of 1.84 and a beta of 1.14. Bank of Nova Scotia has a twelve month low of $50.36 and a twelve month high of $58.22. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.29. The stock has a fifty day simple moving average of $56.04 and a 200-day simple moving average of $55.29.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings results on Tuesday, November 26th. The bank reported $1.82 EPS for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.44. The firm had revenue of $7.98 billion for the quarter, compared to analysts’ expectations of $7.98 billion. Bank of Nova Scotia had a net margin of 17.99% and a return on equity of 13.65%. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.77 earnings per share. As a group, equities research analysts predict that Bank of Nova Scotia will post 5.62 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th will be given a $0.684 dividend. This represents a $2.74 annualized dividend and a yield of 4.93%. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.68. The ex-dividend date is Monday, January 6th. Bank of Nova Scotia’s payout ratio is 51.58%.

Several equities analysts recently commented on the stock. Citigroup downgraded shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating and set a $80.00 price target on the stock. in a report on Tuesday, December 17th. Zacks Investment Research raised shares of Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research note on Monday, January 6th. CIBC restated a “hold” rating on shares of Bank of Nova Scotia in a research report on Wednesday, January 8th. ValuEngine upgraded Bank of Nova Scotia from a “sell” rating to a “hold” rating in a research report on Friday, January 10th. Finally, Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating and upped their target price for the company from $52.00 to $62.00 in a research note on Tuesday, September 24th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Bank of Nova Scotia currently has a consensus rating of “Hold” and a consensus target price of $74.56.

Bank of Nova Scotia Company Profile

The Bank of Nova Scotia provides various banking products and services in North America, Latin America, the Caribbean and Central America, and the Asia-Pacific. The company 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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Institutional Ownership by Quarter for Bank of Nova Scotia (NYSE:BNS)

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