The Bank of Nova Scotia (NYSE:BNS) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board decreased its holdings in shares of The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 10.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,469,657 shares of the bank's stock after selling 412,402 shares during the period. Canada Pension Plan Investment Board owned about 0.28% of Bank of Nova Scotia worth $186,078,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Bank of Nova Scotia in the 4th quarter worth about $690,746,000. Geode Capital Management LLC boosted its stake in shares of Bank of Nova Scotia by 31.8% in the fourth quarter. Geode Capital Management LLC now owns 7,433,171 shares of the bank's stock worth $406,103,000 after acquiring an additional 1,792,700 shares during the last quarter. Vanguard Group Inc. raised its stake in Bank of Nova Scotia by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 51,363,146 shares of the bank's stock valued at $2,758,150,000 after purchasing an additional 969,488 shares during the last quarter. FIL Ltd lifted its holdings in Bank of Nova Scotia by 37.8% in the 4th quarter. FIL Ltd now owns 2,582,696 shares of the bank's stock valued at $138,689,000 after purchasing an additional 708,999 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in Bank of Nova Scotia by 370.0% during the 4th quarter. Hillsdale Investment Management Inc. now owns 883,511 shares of the bank's stock worth $47,391,000 after purchasing an additional 695,519 shares during the last quarter. Institutional investors and hedge funds own 49.13% of the company's stock.

Analysts Set New Price Targets

BNS has been the subject of a number of recent research reports. Bank of America cut shares of Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research report on Monday, March 31st. Cibc World Mkts downgraded shares of Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 18th. CIBC restated a "neutral" rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Finally, Royal Bank of Canada dropped their target price on Bank of Nova Scotia from $83.00 to $81.00 and set a "sector perform" rating for the company in a report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $81.00.

Bank of Nova Scotia Trading Up 1.4 %

NYSE:BNS traded up $0.69 during trading hours on Tuesday, reaching $48.15. 491,494 shares of the stock were exchanged, compared to its average volume of 2,041,318. The Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month high of $57.07. The business has a 50-day moving average of $48.21 and a two-hundred day moving average of $51.48. The company has a market capitalization of $59.97 billion, a price-to-earnings ratio of 11.14, a PEG 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.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed 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. This represents a $2.97 dividend on an annualized basis and a dividend yield of 6.16%. The ex-dividend date is Tuesday, April 1st. Bank of Nova Scotia's dividend payout ratio (DPR) is currently 83.05%.

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.