Voloridge Investment Management LLC Trims Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Voloridge Investment Management LLC lowered its stake in shares of The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 19.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 1,039,516 shares of the bank's stock after selling 253,693 shares during the period. Voloridge Investment Management LLC owned about 0.08% of Bank of Nova Scotia worth $55,843,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Barclays PLC increased its stake in shares of Bank of Nova Scotia by 27.5% in the 3rd quarter. Barclays PLC now owns 214,957 shares of the bank's stock valued at $11,712,000 after purchasing an additional 46,421 shares in the last quarter. Ritholtz Wealth Management increased its stake in shares of Bank of Nova Scotia by 55.2% in the 4th quarter. Ritholtz Wealth Management now owns 9,451 shares of the bank's stock valued at $508,000 after purchasing an additional 3,360 shares in the last quarter. Merit Financial Group LLC increased its stake in shares of Bank of Nova Scotia by 5.8% in the 4th quarter. Merit Financial Group LLC now owns 4,905 shares of the bank's stock valued at $264,000 after purchasing an additional 271 shares in the last quarter. Addenda Capital Inc. increased its stake in shares of Bank of Nova Scotia by 4.0% in the 4th quarter. Addenda Capital Inc. now owns 1,175,246 shares of the bank's stock valued at $63,134,000 after purchasing an additional 44,692 shares in the last quarter. Finally, Atomi Financial Group Inc. increased its stake in shares of Bank of Nova Scotia by 28.3% in the 4th quarter. Atomi Financial Group Inc. now owns 11,065 shares of the bank's stock valued at $594,000 after purchasing an additional 2,439 shares in the last quarter. Hedge funds and other institutional investors own 49.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. CIBC restated a "neutral" rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Bank of America lowered Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a research note on Monday, March 31st. Cibc World Mkts lowered Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, February 18th. Finally, Royal Bank of Canada cut their price objective on Bank of Nova Scotia from $83.00 to $81.00 and set a "sector perform" rating for the company in a research note on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $81.00.

Bank of Nova Scotia Price Performance

NYSE:BNS opened at $51.63 on Wednesday. The Bank of Nova Scotia has a 12 month low of $43.68 and a 12 month high of $57.07. The stock has a 50 day moving average of $48.45 and a two-hundred day moving average of $51.14. 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 cap of $64.31 billion, a P/E ratio of 11.95, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11.

Bank of Nova Scotia Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st were paid a dividend of $0.7415 per share. The ex-dividend date was Tuesday, April 1st. This represents a $2.97 annualized dividend and a yield of 5.75%. Bank of Nova Scotia's dividend payout ratio (DPR) is currently 83.05%.

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.

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