Intech Investment Management LLC Sells 20,659 Shares of The Bank of Nova Scotia (NYSE:BNS)

Intech Investment Management LLC decreased its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 16.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor 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 filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its stake in shares of Bank of Nova Scotia by 17.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 4,438,129 shares of the bank’s stock worth $241,981,000 after acquiring an additional 660,097 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Bank of Nova Scotia by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,744,062 shares of the bank’s stock worth $204,214,000 after purchasing an additional 150,247 shares during the period. Citigroup Inc. lifted its position in Bank of Nova Scotia by 12.3% during the third quarter. Citigroup Inc. now owns 580,664 shares of the bank’s stock valued at $31,673,000 after purchasing an additional 63,528 shares in the last quarter. Geode Capital Management LLC grew its holdings in Bank of Nova Scotia by 10.3% during the third quarter. Geode Capital Management LLC now owns 5,640,471 shares of the bank’s stock valued at $310,817,000 after purchasing an additional 524,496 shares during the period. Finally, Galibier Capital Management Ltd. increased its position in Bank of Nova Scotia by 38,283.3% in the fourth quarter. Galibier Capital Management Ltd. now owns 476,721 shares of the bank’s stock worth $25,586,000 after buying an additional 475,479 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research report on Thursday, November 21st. CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Cibc World Mkts downgraded shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Finally, Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $75.50.

Bank of Nova Scotia Price Performance

BNS stock opened at $48.32 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The company’s fifty day moving average price is $50.35 and its 200-day moving average price is $52.47. The Bank of Nova Scotia has a one year low of $43.68 and a one year high of $57.07. The company has a market capitalization of $60.19 billion, a PE ratio of 11.19, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11.

Bank of Nova Scotia Cuts Dividend

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