Alliancebernstein L.P. Purchases 62,880 Shares of The Bank of Nova Scotia (NYSE:BNS)

Alliancebernstein L.P. lifted its stake in The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 66.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 157,398 shares of the bank's stock after acquiring an additional 62,880 shares during the quarter. Alliancebernstein L.P.'s holdings in Bank of Nova Scotia were worth $8,455,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Murphy & Mullick Capital Management Corp bought a new stake in Bank of Nova Scotia in the fourth quarter worth approximately $25,000. Bank Julius Baer & Co. Ltd Zurich bought a new stake in Bank of Nova Scotia in the fourth quarter worth $31,000. Allworth Financial LP increased its position in 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 buying an additional 350 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Bank of Nova Scotia by 1,588.2% during 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 in the last quarter. Finally, Fortitude Family Office LLC acquired a new stake in shares of Bank of Nova Scotia in the fourth quarter worth about $73,000. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Performance

Shares of BNS stock traded up $0.19 during trading hours on Thursday, reaching $47.30. 235,252 shares of the company's stock were exchanged, compared to its average volume of 1,669,995. The business has a fifty day moving average price of $48.42 and a 200-day moving average price of $51.64. The stock has a market capitalization of $58.91 billion, a P/E ratio of 10.95, a P/E/G ratio of 1.16 and a beta of 1.02. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The Bank of Nova Scotia has a fifty-two week low of $43.68 and a fifty-two week high of $57.07.

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 given a $0.7415 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.97 annualized dividend and a yield of 6.27%. Bank of Nova Scotia's dividend payout ratio is 83.05%.

Analysts Set New Price Targets

A number of brokerages have recently commented on BNS. Royal Bank of Canada lowered their price objective on 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. Bank of America downgraded Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a report on Monday, March 31st. CIBC reissued a "neutral" rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Finally, Cibc World Mkts lowered shares of Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently 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.