The Bank of Nova Scotia (NYSE:BNS) Position Cut by Ritholtz Wealth Management

Ritholtz Wealth Management trimmed its holdings in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 45.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,091 shares of the bank’s stock after selling 5,093 shares during the quarter. Ritholtz Wealth Management’s holdings in Bank of Nova Scotia were worth $332,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Mather Group LLC. boosted its stake in Bank of Nova Scotia by 1,388.9% during the 2nd quarter. Mather Group LLC. now owns 536 shares of the bank’s stock valued at $25,000 after purchasing an additional 500 shares in the last quarter. Blue Trust Inc. boosted its stake in Bank of Nova Scotia by 3,127.8% during the 2nd quarter. Blue Trust Inc. now owns 581 shares of the bank’s stock valued at $27,000 after purchasing an additional 563 shares in the last quarter. Bruce G. Allen Investments LLC boosted its stake in Bank of Nova Scotia by 70.6% during the 1st quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock valued at $30,000 after purchasing an additional 242 shares in the last quarter. Headlands Technologies LLC bought a new position in Bank of Nova Scotia during the 1st quarter valued at $53,000. Finally, Galibier Capital Management Ltd. bought a new position in Bank of Nova Scotia during the 1st quarter valued at $76,000. 49.13% of the stock is owned by institutional investors.

Bank of Nova Scotia Price Performance

BNS opened at $53.69 on Thursday. The stock has a fifty day moving average of $50.84 and a 200-day moving average of $48.34. The firm has a market capitalization of $66.01 billion, a P/E ratio of 12.09, a PEG ratio of 1.64 and a beta of 1.05. The Bank of Nova Scotia has a 12-month low of $39.79 and a 12-month high of $55.12. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.61.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last released its earnings results on Tuesday, August 27th. The bank reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.01. The company had revenue of $8.36 billion during the quarter, compared to analyst estimates of $8.53 billion. Bank of Nova Scotia had a return on equity of 11.14% and a net margin of 9.84%. The company’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 earnings per share. Equities analysts forecast that The Bank of Nova Scotia will post 4.8 EPS for the current fiscal year.

Bank of Nova Scotia Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 29th. Stockholders of record on Wednesday, October 2nd will be issued a $0.768 dividend. The ex-dividend date is Wednesday, October 2nd. This represents a $3.07 dividend on an annualized basis and a dividend yield of 5.72%. Bank of Nova Scotia’s payout ratio is currently 70.50%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Cibc World Mkts raised Bank of Nova Scotia from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 20th. UBS Group assumed coverage on Bank of Nova Scotia in a research note on Tuesday, July 2nd. They set a “neutral” rating for the company. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Bank of Nova Scotia presently has a consensus rating of “Hold” and a consensus price target of $69.00.

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.