Cardinal Capital Management Inc. Trims Stock Holdings in The Bank of Nova Scotia (NYSE:BNS)

Cardinal Capital Management Inc. lowered its position in shares of The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 0.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,061,256 shares of the bank's stock after selling 6,068 shares during the period. Bank of Nova Scotia comprises about 3.3% of Cardinal Capital Management Inc.'s holdings, making the stock its 12th largest position. Cardinal Capital Management Inc. owned 0.17% of Bank of Nova Scotia worth $97,773,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Murphy & Mullick Capital Management Corp purchased a new position in shares of Bank of Nova Scotia during the fourth quarter worth about $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Bank of Nova Scotia during the 4th quarter valued at approximately $31,000. Allworth Financial LP lifted its position in Bank of Nova Scotia by 121.1% during the 4th quarter. Allworth Financial LP now owns 639 shares of the bank's stock worth $33,000 after acquiring an additional 350 shares during the period. Independence Bank of Kentucky grew its stake in shares of Bank of Nova Scotia by 38.4% in the 1st quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank's stock valued at $56,000 after purchasing an additional 326 shares during the last quarter. Finally, Atlas Capital Advisors Inc. purchased a new position in shares of Bank of Nova Scotia in the 4th quarter valued at approximately $83,000. 49.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BNS has been the subject of several analyst reports. Cibc World Mkts cut Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 18th. Royal Bank of Canada dropped their price objective on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a "sector perform" rating on the stock in a research note on Wednesday, February 26th. Wall Street Zen upgraded shares of Bank of Nova Scotia from a "sell" rating to a "hold" rating in a research note on Friday, May 30th. CIBC reaffirmed a "neutral" rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Finally, Bank of America cut shares of Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a report on Monday, March 31st. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $81.00.

Bank of Nova Scotia Price Performance

Shares of NYSE BNS traded up $0.00 during trading on Tuesday, hitting $54.07. 4,314,333 shares of the company were exchanged, compared to its average volume of 1,706,958. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The Bank of Nova Scotia has a 1 year low of $43.68 and a 1 year high of $57.07. The company has a market cap of $67.35 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 1.16 and a beta of 1.13. The firm's fifty day moving average price is $49.80 and its 200 day moving average price is $50.97.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last announced its quarterly earnings data on Tuesday, May 27th. The bank reported $1.06 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.08). Bank of Nova Scotia had a net margin of 10.20% and a return on equity of 11.56%. The company had revenue of $6.59 billion during the quarter, compared to analyst estimates of $8.98 billion. During the same quarter last year, the business earned $1.58 EPS. The firm's revenue for the quarter was up 8.8% on a year-over-year basis. On average, sell-side analysts expect that The Bank of Nova Scotia will post 4.91 earnings per share for the current fiscal year.

Bank of Nova Scotia Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 29th. Investors of record on Wednesday, July 2nd will be issued a $0.7996 dividend. The ex-dividend date is Wednesday, July 2nd. This represents a $3.20 dividend on an annualized basis and a dividend yield of 5.92%. This is a boost from Bank of Nova Scotia's previous quarterly dividend of $0.74. Bank of Nova Scotia's dividend payout ratio is currently 93.84%.

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.