Principal Financial Group Inc. Cuts Stake in The Bank of Nova Scotia (NYSE:BNS)

Principal Financial Group Inc. lessened its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 1.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,200 shares of the bank’s stock after selling 600 shares during the period. Principal Financial Group Inc.’s holdings in Bank of Nova Scotia were worth $1,621,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Magnus Financial Group LLC grew its holdings in Bank of Nova Scotia by 4.1% in the 4th quarter. Magnus Financial Group LLC now owns 5,100 shares of the bank’s stock worth $274,000 after acquiring an additional 200 shares during the last quarter. Sigma Planning Corp grew its holdings in Bank of Nova Scotia by 1.9% in the 3rd quarter. Sigma Planning Corp now owns 11,089 shares of the bank’s stock worth $604,000 after acquiring an additional 210 shares during the last quarter. Addison Advisors LLC grew its holdings in Bank of Nova Scotia by 7.3% in the 3rd quarter. Addison Advisors LLC now owns 3,357 shares of the bank’s stock worth $183,000 after acquiring an additional 227 shares during the last quarter. Merit Financial Group LLC grew its holdings in Bank of Nova Scotia by 5.8% in the 4th quarter. Merit Financial Group LLC now owns 4,905 shares of the bank’s stock worth $264,000 after acquiring an additional 271 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in Bank of Nova Scotia by 11.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,713 shares of the bank’s stock worth $148,000 after acquiring an additional 288 shares during the last quarter. Institutional investors own 49.13% of the company’s stock.

Analysts Set New Price Targets

BNS has been the topic of a number of recent analyst reports. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a report on Tuesday, November 19th. Canaccord Genuity Group raised shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a research note on Tuesday, February 18th. Barclays raised shares of Bank of Nova Scotia from an “underweight” rating to an “equal weight” rating in a research note on Thursday, November 21st. Finally, UBS Group raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research note on Monday, November 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $75.50.

Bank of Nova Scotia Trading Up 0.2 %

Shares of BNS opened at $48.59 on Thursday. The firm’s 50-day moving average price is $51.35 and its 200-day moving average price is $52.48. The firm has a market capitalization of $60.53 billion, a price-to-earnings ratio of 11.25, a PEG ratio of 1.16 and a beta of 1.11. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The Bank of Nova Scotia has a 1-year low of $43.67 and a 1-year high of $57.07.

Bank of Nova Scotia Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 28th. Investors 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 dividend on an annualized basis and a yield of 6.10%. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 82.77%.

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.