QS Investors LLC trimmed its holdings in shares of Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 10.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,738 shares of the bank’s stock after selling 1,138 shares during the quarter. QS Investors LLC’s holdings in Bank of Nova Scotia were worth $628,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in BNS. Raymond James Financial Services Advisors Inc. grew its position in Bank of Nova Scotia by 17.0% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 9,016 shares of the bank’s stock valued at $580,000 after buying an additional 1,309 shares during the period. Yorktown Management & Research Co Inc bought a new stake in Bank of Nova Scotia during the third quarter valued at approximately $212,000. TD Asset Management Inc. grew its position in Bank of Nova Scotia by 1.4% during the third quarter. TD Asset Management Inc. now owns 38,795,439 shares of the bank’s stock valued at $2,487,821,000 after buying an additional 523,053 shares during the period. Great West Life Assurance Co. Can grew its position in Bank of Nova Scotia by 7.2% during the third quarter. Great West Life Assurance Co. Can now owns 13,611,106 shares of the bank’s stock valued at $873,039,000 after buying an additional 913,814 shares during the period. Finally, Virginia Retirement Systems ET AL grew its position in Bank of Nova Scotia by 5.8% during the third quarter. Virginia Retirement Systems ET AL now owns 649,600 shares of the bank’s stock valued at $41,657,000 after buying an additional 35,400 shares during the period. Institutional investors own 47.44% of the company’s stock.
BNS stock opened at $61.57 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.10. Bank of Nova Scotia has a 1-year low of $53.86 and a 1-year high of $66.78. The firm has a market cap of $74,671.34, a P/E ratio of 12.01, a price-to-earnings-growth ratio of 1.41 and a beta of 1.27.
Bank of Nova Scotia declared that its Board of Directors has authorized a stock repurchase plan on Monday, February 12th that permits the company to buyback outstanding shares. This buyback authorization permits the bank to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 26th. Shareholders of record on Tuesday, April 3rd will be issued a dividend of $0.6454 per share. The ex-dividend date is Monday, April 2nd. This represents a $2.58 annualized dividend and a yield of 4.19%. This is an increase from Bank of Nova Scotia’s previous quarterly dividend of $0.62. Bank of Nova Scotia’s payout ratio is currently 48.76%.
Several analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Bank of Nova Scotia from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Canaccord Genuity restated a “buy” rating and set a $93.00 target price on shares of Bank of Nova Scotia in a research report on Tuesday, December 5th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $86.00.
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About Bank of Nova Scotia
The Bank of Nova Scotia is an international bank and a financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. The Bank offers a range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
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