Bank of Nova Scotia (The) (NYSE:BNS) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its position in Bank of Nova Scotia (The) (NYSE:BNS) (TSE:BNS) by 1.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,700 shares of the bank’s stock after selling 500 shares during the quarter. Principal Financial Group Inc.’s holdings in Bank of Nova Scotia were worth $1,408,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in Bank of Nova Scotia during the fourth quarter worth $1,716,000. HighTower Advisors LLC boosted its position in Bank of Nova Scotia by 11.8% during the fourth quarter. HighTower Advisors LLC now owns 11,438 shares of the bank’s stock worth $614,000 after purchasing an additional 1,207 shares in the last quarter. Natixis Advisors LLC boosted its position in Bank of Nova Scotia by 79.9% during the fourth quarter. Natixis Advisors LLC now owns 92,201 shares of the bank’s stock worth $4,953,000 after purchasing an additional 40,961 shares in the last quarter. Royal London Asset Management Ltd. boosted its position in Bank of Nova Scotia by 1.5% during the fourth quarter. Royal London Asset Management Ltd. now owns 155,706 shares of the bank’s stock worth $8,365,000 after purchasing an additional 2,292 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in Bank of Nova Scotia during the fourth quarter worth $397,000. 49.13% of the stock is owned by institutional investors and hedge funds.

Bank of Nova Scotia Trading Up 0.3%

NYSE:BNS opened at $55.19 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $53.71 and its two-hundred day moving average is $50.94. Bank of Nova Scotia has a 52 week low of $43.68 and a 52 week high of $57.07. The company has a market cap of $68.62 billion, a PE ratio of 16.18, a P/E/G ratio of 1.39 and a beta of 1.12.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, May 27th. The bank reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.08). The firm had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $8.98 billion. Bank of Nova Scotia had a return on equity of 11.27% and a net margin of 8.83%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.58 EPS. On average, analysts predict that Bank of Nova Scotia will post 4.91 EPS for the current year.

Bank of Nova Scotia Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 29th. Investors of record on Wednesday, July 2nd will be given a $0.7996 dividend. This is a boost from Bank of Nova Scotia’s previous quarterly dividend of $0.74. This represents a $3.20 annualized dividend and a yield of 5.80%. The ex-dividend date of this dividend is Wednesday, July 2nd. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 94.72%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Bank of America lowered Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a research note on Monday, March 31st. Wall Street Zen lowered Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. One investment 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.com, Bank of Nova Scotia has a consensus rating of “Hold” and an average target price of $81.00.

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.