Principal Financial Group Inc. Reduces Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Principal Financial Group Inc. cut its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 4.8% during the 1st quarter, HoldingsChannel.com reports. The firm owned 34,000 shares of the bank’s stock after selling 1,700 shares during the quarter. Principal Financial Group Inc.’s holdings in Bank of Nova Scotia were worth $1,760,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bruce G. Allen Investments LLC lifted its stake in Bank of Nova Scotia by 70.6% in the 1st quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock worth $30,000 after purchasing an additional 242 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of Bank of Nova Scotia by 71.6% in the 4th quarter. Fifth Third Bancorp now owns 858 shares of the bank’s stock worth $42,000 after buying an additional 358 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of Bank of Nova Scotia by 144.6% in the 1st quarter. Global Retirement Partners LLC now owns 959 shares of the bank’s stock worth $50,000 after buying an additional 567 shares during the last quarter. Galibier Capital Management Ltd. bought a new position in shares of Bank of Nova Scotia in the 1st quarter worth $76,000. Finally, Addison Advisors LLC increased its holdings in shares of Bank of Nova Scotia by 88.6% in the 4th quarter. Addison Advisors LLC now owns 2,948 shares of the bank’s stock worth $144,000 after buying an additional 1,385 shares during the last quarter. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on BNS shares. StockNews.com lowered shares of Bank of Nova Scotia from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. UBS Group began coverage on shares of Bank of Nova Scotia in a research report on Tuesday. They issued a “neutral” rating on the stock. Finally, Barclays began coverage on shares of Bank of Nova Scotia in a research report on Wednesday, March 20th. They issued an “underweight” rating and a $70.00 target price on the stock. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $68.00.

Bank of Nova Scotia Trading Down 0.2 %

Shares of NYSE BNS traded down $0.08 during midday trading on Friday, hitting $45.34. 481,882 shares of the company traded hands, compared to its average volume of 1,927,432. The Bank of Nova Scotia has a 12-month low of $39.79 and a 12-month high of $51.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a 50-day moving average price of $46.86 and a 200 day moving average price of $47.62. The firm has a market cap of $55.75 billion, a P/E ratio of 10.22, a P/E/G ratio of 1.68 and a beta of 1.04.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last posted its quarterly earnings data on Tuesday, May 28th. The bank reported $1.16 EPS for the quarter, topping the consensus estimate of $1.14 by $0.02. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. The business had revenue of $6.15 billion for the quarter, compared to analyst estimates of $6.10 billion. As a group, analysts expect that The Bank of Nova Scotia will post 4.82 earnings per share for the current year.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 29th. Stockholders of record on Wednesday, July 3rd will be paid a $0.769 dividend. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $3.08 annualized dividend and a dividend yield of 6.78%. Bank of Nova Scotia’s dividend payout ratio is presently 69.37%.

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.