Allianz Asset Management GmbH Sells 16,920 Shares of Bank of Nova Scotia (The) (NYSE:BNS)

Key Points

• Allianz Asset Management GmbH sold 16,920 shares of Bank of Nova Scotia, reducing its holdings by 9.6% to 159,315 shares, valued at approximately $7.55 million.
• Bank of Nova Scotia announced an increase in its quarterly dividend to $0.7996 per share, reflecting a yield of 5.68% and a 94.72% dividend payout ratio.
• Analysts have downgraded Bank of Nova Scotia's rating, with Bank of America shifting it from "buy" to "neutral," and the current consensus rating being "hold" with an average target price of $81.00.

Allianz Asset Management GmbH trimmed its stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 9.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 159,315 shares of the bank's stock after selling 16,920 shares during the period. Allianz Asset Management GmbH's holdings in Bank of Nova Scotia were worth $7,553,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of BNS. Compagnie Lombard Odier SCmA purchased a new position in Bank of Nova Scotia in the first quarter valued at $52,000. Independence Bank of Kentucky lifted its holdings in Bank of Nova Scotia by 38.4% in the first quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock worth $56,000 after acquiring an additional 326 shares during the last quarter. North Capital Inc. bought a new stake in Bank of Nova Scotia during the first quarter worth approximately $81,000. Atlas Capital Advisors Inc. purchased a new position in shares of Bank of Nova Scotia during the 4th quarter valued at $83,000. Finally, Dunhill Financial LLC acquired a new position in Bank of Nova Scotia during the 4th quarter worth $95,000. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Stock Performance

Shares of NYSE BNS traded down $0.24 during midday trading on Thursday, reaching $55.76. 265,225 shares of the stock were exchanged, compared to its average volume of 2,028,609. The firm has a 50-day simple moving average of $54.52 and a two-hundred day simple moving average of $51.16. Bank of Nova Scotia has a twelve month low of $43.67 and a twelve month high of $57.07. The firm has a market cap of $69.32 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 1.41 and a beta of 1.12. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.62.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its quarterly earnings results on Tuesday, May 27th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.08). The company had revenue of $6.59 billion for the quarter, compared to analysts' expectations of $8.98 billion. Bank of Nova Scotia had a return on equity of 11.27% and a net margin of 8.83%. Bank of Nova Scotia's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.58 EPS. As a group, analysts anticipate that Bank of Nova Scotia will post 4.91 EPS for the current fiscal year.

Bank of Nova Scotia Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 29th. Stockholders of record on Wednesday, July 2nd were given a dividend of $0.7996 per share. The ex-dividend date was Wednesday, July 2nd. This is a boost from Bank of Nova Scotia's previous quarterly dividend of $0.74. This represents a $3.20 annualized dividend and a dividend yield of 5.74%. Bank of Nova Scotia's dividend payout ratio (DPR) is 94.72%.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Bank of Nova Scotia from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price 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.