Value Partners Investments Inc. Lowers Stock Holdings in The Bank of Nova Scotia (NYSE:BNS)

Value Partners Investments Inc. cut its stake in The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 92.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 111,609 shares of the bank's stock after selling 1,303,233 shares during the period. Bank of Nova Scotia comprises approximately 3.4% of Value Partners Investments Inc.'s portfolio, making the stock its 5th largest position. Value Partners Investments Inc.'s holdings in Bank of Nova Scotia were worth $5,987,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in BNS. Bank of New York Mellon Corp boosted its holdings in shares of Bank of Nova Scotia by 7.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,095,285 shares of the bank's stock valued at $58,839,000 after purchasing an additional 77,820 shares during the last quarter. Mediolanum International Funds Ltd bought a new position in Bank of Nova Scotia during the fourth quarter worth $292,000. Blue Trust Inc. raised its stake in Bank of Nova Scotia by 98.6% during the fourth quarter. Blue Trust Inc. now owns 3,134 shares of the bank's stock worth $171,000 after acquiring an additional 1,556 shares during the period. HighTower Advisors LLC lifted its holdings in shares of Bank of Nova Scotia by 11.8% in the 4th quarter. HighTower Advisors LLC now owns 11,438 shares of the bank's stock worth $614,000 after purchasing an additional 1,207 shares during the last quarter. Finally, Orca Wealth Management LLC acquired a new position in shares of Bank of Nova Scotia during the fourth quarter valued at $888,000. Hedge funds and other institutional investors own 49.13% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BNS. Royal Bank of Canada cut their target price on 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. CIBC reiterated a "neutral" rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Cibc World Mkts lowered shares of Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research note 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. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Bank of Nova Scotia presently has an average rating of "Hold" and a consensus price target of $81.00.

Bank of Nova Scotia Stock Up 0.7%

NYSE BNS traded up $0.39 during trading on Friday, reaching $53.65. 713,225 shares of the company's stock were exchanged, compared to its average volume of 1,704,836. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $66.82 billion, a PE ratio of 12.42, a P/E/G ratio of 1.16 and a beta of 1.11. The company's fifty day simple moving average is $49.00 and its 200-day simple moving average is $51.10. The Bank of Nova Scotia has a fifty-two week low of $43.68 and a fifty-two week high of $57.07.

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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 business had revenue of $6.59 billion during the quarter, compared to analyst estimates of $8.98 billion. During the same quarter last year, the firm earned $1.58 earnings per share. Bank of Nova Scotia's revenue was up 8.8% compared to the same quarter last year. Sell-side analysts predict that The Bank of Nova Scotia will post 4.91 EPS for the current year.

Bank of Nova Scotia Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 29th. Shareholders of record on Wednesday, July 2nd will be given a $0.7996 dividend. This is an increase from Bank of Nova Scotia's previous quarterly dividend of $0.74. This represents a $3.20 annualized dividend and a yield of 5.96%. The ex-dividend date is Wednesday, July 2nd. Bank of Nova Scotia's payout ratio is currently 89.44%.

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.