Intech Investment Management LLC Lowers Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Intech Investment Management LLC cut its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 16.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 106,557 shares of the bank’s stock after selling 20,659 shares during the quarter. Intech Investment Management LLC’s holdings in Bank of Nova Scotia were worth $5,719,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Natixis Advisors LLC grew its holdings in Bank of Nova Scotia by 12.1% in the third quarter. Natixis Advisors LLC now owns 51,240 shares of the bank’s stock worth $2,792,000 after purchasing an additional 5,542 shares during the period. Ontario Teachers Pension Plan Board bought a new stake in shares of Bank of Nova Scotia in the 3rd quarter worth approximately $1,211,000. Moran Wealth Management LLC purchased a new stake in shares of Bank of Nova Scotia in the 3rd quarter worth approximately $201,000. Massachusetts Financial Services Co. MA increased its position in Bank of Nova Scotia by 3.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 63,849 shares of the bank’s stock valued at $3,479,000 after buying an additional 2,090 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Bank of Nova Scotia by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,744,062 shares of the bank’s stock valued at $204,214,000 after buying an additional 150,247 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Cibc World Mkts downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. Barclays raised shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a report on Thursday, November 21st. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Royal Bank of Canada reduced their price target on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating for the company in a research report on Wednesday, February 26th. Finally, Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Bank of Nova Scotia currently has a consensus rating of “Hold” and an average target price of $75.50.

Bank of Nova Scotia Stock Performance

Shares of BNS stock opened at $48.32 on Wednesday. The firm has a market capitalization of $60.19 billion, a PE ratio of 11.19, a P/E/G ratio of 1.16 and a beta of 1.11. The company has a 50 day moving average price of $50.35 and a 200-day moving average price of $52.47. The Bank of Nova Scotia has a 52 week low of $43.68 and a 52 week high of $57.07. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st will be paid a dividend of $0.7415 per share. The ex-dividend date is Tuesday, April 1st. This represents a $2.97 dividend on an annualized basis and a yield of 6.14%. Bank of Nova Scotia’s dividend payout ratio is presently 82.77%.

Bank of Nova Scotia Company Profile

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.