Lincluden Management Ltd. Cuts Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Lincluden Management Ltd. trimmed its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 789,620 shares of the bank’s stock after selling 22,796 shares during the period. Bank of Nova Scotia makes up 5.1% of Lincluden Management Ltd.’s holdings, making the stock its 5th biggest holding. Lincluden Management Ltd.’s holdings in Bank of Nova Scotia were worth $42,401,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Allworth Financial LP grew its position in shares of Bank of Nova Scotia by 121.1% in the 4th quarter. Allworth Financial LP now owns 639 shares of the bank’s stock worth $33,000 after buying an additional 350 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Bank of Nova Scotia by 1,588.2% in the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after acquiring an additional 810 shares during the period. Fortitude Family Office LLC purchased a new stake in Bank of Nova Scotia in the fourth quarter worth $73,000. Blue Trust Inc. increased its position in Bank of Nova Scotia by 171.6% during the 3rd quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock valued at $86,000 after purchasing an additional 997 shares during the period. Finally, Wilmington Savings Fund Society FSB bought a new position in Bank of Nova Scotia in the 3rd quarter worth $111,000. Hedge funds and other institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock opened at $50.60 on Tuesday. The Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month 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. The company has a market capitalization of $63.02 billion, a P/E ratio of 11.71, a PEG ratio of 1.16 and a beta of 1.07. The stock’s 50 day moving average is $51.95 and its 200 day moving average is $52.36.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 29th. Stockholders of record on Tuesday, January 7th were paid a $0.7535 dividend. The ex-dividend date of this dividend was Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.96%. Bank of Nova Scotia’s dividend payout ratio is currently 68.06%.

Analysts Set New Price Targets

Several research firms have recently commented on BNS. CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Royal Bank of Canada lifted their price objective on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a research report on Wednesday, December 4th. Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. Cibc World Mkts lowered Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Finally, UBS Group upgraded Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $72.00.

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.