The Bank of Nova Scotia (NYSE:BNS) Stock Holdings Reduced by Cardinal Capital Management Inc.

Cardinal Capital Management Inc. cut its position in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 0.8% in the fourth quarter, Holdings Channel reports. The firm owned 2,067,324 shares of the bank’s stock after selling 16,372 shares during the period. Bank of Nova Scotia accounts for 3.8% of Cardinal Capital Management Inc.’s investment portfolio, making the stock its 11th largest holding. Cardinal Capital Management Inc.’s holdings in Bank of Nova Scotia were worth $110,764,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in BNS. The Manufacturers Life Insurance Company boosted its holdings 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 buying an additional 660,097 shares during the period. Intact Investment Management Inc. boosted its holdings in Bank of Nova Scotia by 48.3% during the third quarter. Intact Investment Management Inc. now owns 1,563,594 shares of the bank’s stock valued at $85,201,000 after acquiring an additional 509,120 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Bank of Nova Scotia by 4.2% in the third 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. Mackenzie Financial Corp lifted its position in shares of Bank of Nova Scotia by 4.7% during the 2nd quarter. Mackenzie Financial Corp now owns 15,091,880 shares of the bank’s stock worth $690,438,000 after purchasing an additional 683,946 shares during the last quarter. Finally, Citigroup Inc. boosted its stake in Bank of Nova Scotia by 12.3% during the 3rd 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 during the period. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia Stock Down 0.7 %

BNS opened at $51.45 on Thursday. The Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month high of $57.07. The firm has a market cap of $64.08 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.17 and a beta of 1.08. The firm’s 50-day simple moving average is $54.11 and its 200-day simple moving average is $51.53. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 29th. Investors of record on Tuesday, January 7th will be issued a $0.7535 dividend. The ex-dividend date is Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.86%. Bank of Nova Scotia’s dividend payout ratio is 68.29%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Canaccord Genuity Group raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Bank of America upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. UBS Group upgraded shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Finally, Royal Bank of Canada boosted their price target on Bank of Nova Scotia from $65.00 to $74.00 and gave the company a “sector perform” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $72.00.

Bank of Nova Scotia 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.