Citigroup Inc. Sells 121,156 Shares of Bank of Nova Scotia (The) (NYSE:BNS)

Key Points

• Citigroup Inc. reduced its holdings in Bank of Nova Scotia by 14.5%, now owning 713,931 shares valued at approximately $33.85 million.
• Bank of Nova Scotia reported an EPS of $1.06, missing analysts' expectations of $1.14, with revenues of $6.59 billion for the quarter.
• The bank announced a quarterly dividend increase to $0.7996, representing a 5.7% yield, up from the previous dividend of $0.74.

Citigroup Inc. trimmed its position in shares of Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 14.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 713,931 shares of the bank's stock after selling 121,156 shares during the period. Citigroup Inc. owned approximately 0.06% of Bank of Nova Scotia worth $33,845,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Bank of Nova Scotia by 3.5% during the first quarter. Vanguard Group Inc. now owns 53,184,171 shares of the bank's stock worth $2,521,621,000 after buying an additional 1,821,025 shares in the last quarter. Toronto Dominion Bank grew its stake in Bank of Nova Scotia by 1.7% during the fourth quarter. Toronto Dominion Bank now owns 25,425,639 shares of the bank's stock worth $1,363,619,000 after buying an additional 434,771 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Bank of Nova Scotia by 2.5% in the first quarter. Mackenzie Financial Corp now owns 15,158,112 shares of the bank's stock worth $718,670,000 after acquiring an additional 374,487 shares during the last quarter. Scotia Capital Inc. lifted its holdings in shares of Bank of Nova Scotia by 0.8% in the first quarter. Scotia Capital Inc. now owns 14,141,532 shares of the bank's stock worth $670,495,000 after acquiring an additional 117,272 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Bank of Nova Scotia by 255.9% in the first quarter. Goldman Sachs Group Inc. now owns 10,174,780 shares of the bank's stock worth $482,590,000 after acquiring an additional 7,315,915 shares during the last quarter. 49.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Wall Street Zen cut shares of Bank of Nova Scotia from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $81.00.

Bank of Nova Scotia Price Performance

Shares of BNS stock traded up $0.23 on Wednesday, reaching $56.64. The company had a trading volume of 1,711,911 shares, compared to its average volume of 1,523,221. The stock has a market capitalization of $70.41 billion, a PE ratio of 16.61, a price-to-earnings-growth ratio of 1.42 and a beta of 1.14. 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 has a one year low of $44.09 and a one year high of $57.07. The business's 50-day moving average is $55.14 and its 200 day moving average is $51.47.

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

Bank of Nova Scotia Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 29th. Investors of record on Wednesday, July 2nd were issued a $0.7996 dividend. This is a boost from Bank of Nova Scotia's previous quarterly dividend of $0.74. The ex-dividend date was Wednesday, July 2nd. This represents a $3.20 dividend on an annualized basis and a yield of 5.6%. Bank of Nova Scotia's dividend payout ratio (DPR) is 94.72%.

Bank of Nova Scotia Company 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.