Prudential PLC Reduces Stock Position in The Bank of Nova Scotia (NYSE:BNS)

Prudential PLC cut its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 12.5% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,767 shares of the bank’s stock after selling 3,388 shares during the quarter. Prudential PLC’s holdings in Bank of Nova Scotia were worth $1,275,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in BNS. Murphy & Mullick Capital Management Corp purchased a new stake in Bank of Nova Scotia in the 4th quarter worth approximately $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Bank of Nova Scotia in the fourth quarter worth $31,000. Allworth Financial LP raised its position in shares of Bank of Nova Scotia by 121.1% in the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock worth $33,000 after buying an additional 350 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock valued at $47,000 after buying an additional 810 shares during the period. Finally, Fortitude Family Office LLC purchased a new position in Bank of Nova Scotia during the fourth quarter worth about $73,000. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on BNS shares. CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Bank of America downgraded shares of Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research note on Monday, March 31st. Cibc World Mkts cut shares of 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 lowered their price objective on shares of Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $81.00.

Bank of Nova Scotia Trading Down 4.7 %

BNS stock opened at $44.55 on Tuesday. 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 market capitalization of $55.48 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 1.16 and a beta of 1.02. The company’s 50 day moving average price is $49.30 and its two-hundred day moving average price is $52.10. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.7415 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.97 annualized dividend and a yield of 6.66%. Bank of Nova Scotia’s payout ratio is 82.77%.

About Bank of Nova Scotia

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.