The Bank of Nova Scotia (NYSE:BNS) Shares Sold by Cardinal Capital Management Inc.

Cardinal Capital Management Inc. reduced its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 0.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,067,324 shares of the bank’s stock after selling 16,372 shares during the period. Bank of Nova Scotia comprises 3.8% of Cardinal Capital Management Inc.’s holdings, making the stock its 11th largest position. Cardinal Capital Management Inc. owned about 0.17% of Bank of Nova Scotia worth $110,764,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Bank of Nova Scotia by 260.1% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 5,480,486 shares of the bank’s stock valued at $298,575,000 after buying an additional 3,958,580 shares in the last quarter. Pathway Financial Advisers LLC increased its position in Bank of Nova Scotia by 5,380.9% during the third quarter. Pathway Financial Advisers LLC now owns 3,972,234 shares of the bank’s stock worth $216,447,000 after purchasing an additional 3,899,760 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Bank of Nova Scotia by 24.9% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 11,757,961 shares of the bank’s stock worth $640,624,000 after purchasing an additional 2,346,995 shares during the period. Toronto Dominion Bank grew its stake in shares of Bank of Nova Scotia by 9.6% in the 3rd quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock valued at $1,361,752,000 after buying an additional 2,195,604 shares during the period. Finally, Mackenzie Financial Corp increased its holdings 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 buying an additional 683,946 shares during the last quarter. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Price Performance

Shares of BNS opened at $51.45 on Thursday. The Bank of Nova Scotia has a 52 week low of $43.67 and a 52 week high of $57.07. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. 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 stock has a 50 day moving average of $54.11 and a 200-day moving average of $51.53.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed 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. This represents a $3.01 dividend on an annualized basis and a yield of 5.86%. The ex-dividend date is Tuesday, January 7th. Bank of Nova Scotia’s dividend payout ratio (DPR) is 68.29%.

Analysts Set New Price Targets

A number of brokerages have weighed in on BNS. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Bank of America raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. Barclays raised Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 21st. UBS Group raised Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. Finally, TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $72.00.

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.