Hemenway Trust Co LLC Decreases Holdings in The Bank of Nova Scotia (NYSE:BNS)

Hemenway Trust Co LLC reduced its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 7.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,140 shares of the bank’s stock after selling 390 shares during the quarter. Hemenway Trust Co LLC’s holdings in Bank of Nova Scotia were worth $276,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Murphy & Mullick Capital Management Corp purchased a new position in Bank of Nova Scotia during the 4th quarter worth $25,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Bank of Nova Scotia in the fourth quarter worth about $31,000. Allworth Financial LP grew its stake in shares of Bank of Nova Scotia by 121.1% during the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock worth $33,000 after acquiring an additional 350 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of 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 acquiring an additional 810 shares in the last quarter. Finally, Fortitude Family Office LLC purchased a new position in shares of Bank of Nova Scotia in the 4th quarter valued at approximately $73,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Price Performance

NYSE:BNS opened at $46.92 on Friday. The firm’s fifty day moving average is $49.45 and its two-hundred day moving average is $52.16. The firm has a market cap of $58.44 billion, a price-to-earnings ratio of 10.86, a PEG ratio of 1.16 and a beta of 1.02. 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 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 company also recently disclosed a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.7415 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $2.97 dividend on an annualized basis and a dividend yield of 6.32%. Bank of Nova Scotia’s payout ratio is 82.77%.

Analysts Set New Price Targets

Several research firms have weighed in on BNS. Royal Bank of Canada dropped their target price 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. Bank of America downgraded Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research report on Monday, March 31st. CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Finally, Cibc World Mkts downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Bank of Nova Scotia currently has a consensus rating of “Hold” and an average price target of $81.00.

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.