Northern Trust Corp Raises Stock Holdings in The Bank of Nova Scotia (NYSE:BNS)

Northern Trust Corp grew its stake in shares of The Bank of Nova Scotia (NYSE:BNS - Free Report) TSE: BNS by 54.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 835,588 shares of the bank's stock after buying an additional 293,402 shares during the quarter. Northern Trust Corp owned 0.07% of Bank of Nova Scotia worth $44,888,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BNS. Murphy & Mullick Capital Management Corp bought a new position in shares of Bank of Nova Scotia during the fourth quarter valued at about $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Bank of Nova Scotia during the 4th quarter valued at about $31,000. Allworth Financial LP increased its holdings in Bank of Nova Scotia by 121.1% during the 4th quarter. Allworth Financial LP now owns 639 shares of the bank's stock valued at $33,000 after purchasing an additional 350 shares during the period. Fortitude Family Office LLC purchased a new position in Bank of Nova Scotia during the 4th quarter valued at about $73,000. Finally, Atlas Capital Advisors Inc. purchased a new position in Bank of Nova Scotia during the 4th quarter valued at about $83,000. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Stock Performance

NYSE:BNS traded up $0.28 during mid-day trading on Monday, hitting $50.53. 1,148,416 shares of the company traded hands, compared to its average volume of 1,689,218. The stock's fifty day moving average price is $47.98 and its 200-day moving average price is $51.17. The Bank of Nova Scotia has a one year low of $43.68 and a one year high of $57.07. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm has a market cap of $62.93 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11.

Bank of Nova Scotia Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st were paid a $0.7415 dividend. This represents a $2.97 dividend on an annualized basis and a dividend yield of 5.87%. The ex-dividend date was Tuesday, April 1st. Bank of Nova Scotia's dividend payout ratio (DPR) is 83.05%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Cibc World Mkts lowered shares of Bank of Nova Scotia from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 18th. Royal Bank of Canada lowered their price objective on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a "sector perform" rating for the company in a report on Wednesday, February 26th. Bank of America lowered shares of Bank of Nova Scotia from a "buy" rating to a "neutral" rating in a report on Monday, March 31st. Finally, CIBC restated a "neutral" rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. One research 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $81.00.

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.