Clearbridge Investments LLC Sells 48,088 Shares of The Bank of Nova Scotia (NYSE:BNS)

Clearbridge Investments LLC reduced its position in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,218,646 shares of the bank’s stock after selling 48,088 shares during the quarter. Clearbridge Investments LLC owned about 0.18% of Bank of Nova Scotia worth $119,186,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Royal Bank of Canada cut their target price on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Finally, Cibc World Mkts lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of “Hold” and an average price target of $81.00.

Bank of Nova Scotia Trading Down 1.2 %

NYSE BNS opened at $47.74 on Monday. The Bank of Nova Scotia has a 12 month low of $43.68 and a 12 month high of $57.07. The company’s 50-day moving average price is $49.87 and its 200-day moving average price is $52.33. The stock has a market cap of $59.46 billion, a PE ratio of 11.05, a PEG ratio of 1.16 and a beta of 1.11. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59.

Bank of Nova Scotia Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.7415 per share. This represents a $2.97 annualized dividend and a dividend yield of 6.21%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio is presently 82.77%.

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.