Forum Financial Management LP Cuts Stock Position in Bank of Nova Scotia (The) (NYSE:BNS)

Forum Financial Management LP lessened its stake in Bank of Nova Scotia (The) (NYSE:BNS - Free Report) TSE: BNS by 37.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,635 shares of the bank's stock after selling 5,848 shares during the period. Forum Financial Management LP's holdings in Bank of Nova Scotia were worth $457,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Murphy & Mullick Capital Management Corp purchased a new stake in Bank of Nova Scotia during the fourth quarter valued at about $25,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Bank of Nova Scotia in the first quarter worth approximately $52,000. Independence Bank of Kentucky lifted its position in shares of 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 purchasing an additional 326 shares in the last quarter. Atlas Capital Advisors Inc. bought a new position in Bank of Nova Scotia during the fourth quarter valued at approximately $83,000. Finally, North Capital Inc. bought a new position in Bank of Nova Scotia during the first quarter valued at approximately $81,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BNS shares. Wall Street Zen downgraded shares of Bank of Nova Scotia from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. Bank of America cut Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a report on Monday, March 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $81.00.

Bank of Nova Scotia Stock Performance

BNS stock traded up $0.14 during trading hours on Friday, hitting $55.19. 939,679 shares of the stock were exchanged, compared to its average volume of 1,778,698. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $68.62 billion, a P/E ratio of 16.18, a P/E/G ratio of 1.39 and a beta of 1.12. The company has a 50-day simple moving average of $53.71 and a two-hundred day simple moving average of $50.94. Bank of Nova Scotia has a 12 month low of $43.68 and a 12 month high of $57.07.

Bank of Nova Scotia (NYSE:BNS - Get Free Report) TSE: BNS last released its earnings results on Tuesday, May 27th. The bank reported $1.06 earnings per share (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 analyst estimates of $8.98 billion. Bank of Nova Scotia had a return on equity of 11.27% and a net margin of 8.83%. The business's revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period last year, the company posted $1.58 earnings per share. On average, analysts forecast that 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. Stockholders of record on Wednesday, July 2nd will be paid a dividend of $0.7996 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 5.80%. This is a positive change from Bank of Nova Scotia's previous quarterly dividend of $0.74. The ex-dividend date is Wednesday, July 2nd. Bank of Nova Scotia's dividend payout ratio (DPR) is presently 94.72%.

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.