Korea Investment CORP Sells 69,166 Shares of The Bank of Nova Scotia (NYSE:BNS)

Korea Investment CORP lessened its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 6.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 936,201 shares of the bank’s stock after selling 69,166 shares during the quarter. Korea Investment CORP owned approximately 0.08% of Bank of Nova Scotia worth $50,247,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Murphy & Mullick Capital Management Corp acquired a new stake in shares of Bank of Nova Scotia during the 4th quarter valued at $25,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Bank of Nova Scotia during the fourth quarter valued at about $31,000. Allworth Financial LP grew its holdings in shares of 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 purchasing an additional 350 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of 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 valued at $47,000 after buying an additional 810 shares during the period. Finally, Fortitude Family Office LLC acquired a new stake in Bank of Nova Scotia during the 4th quarter worth approximately $73,000. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Bank of Nova Scotia Trading Down 0.8 %

NYSE:BNS opened at $48.35 on Friday. The firm’s fifty day moving average is $49.93 and its 200-day moving average is $52.35. 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 Bank of Nova Scotia has a 52 week low of $43.68 and a 52 week high of $57.07. The firm has a market cap of $60.23 billion, a P/E ratio of 11.19, a P/E/G ratio of 1.16 and a beta of 1.11.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Investors of record on Tuesday, April 1st will be issued a $0.7415 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $2.97 annualized dividend and a yield of 6.13%. Bank of Nova Scotia’s payout ratio is 82.77%.

Wall Street Analysts Forecast Growth

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

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.