Korea Investment CORP Sells 69,166 Shares of The Bank of Nova Scotia (NYSE:BNS)

Korea Investment CORP decreased its stake in shares of The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 6.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 936,201 shares of the bank’s stock after selling 69,166 shares during the quarter. Korea Investment CORP’s holdings in Bank of Nova Scotia were worth $50,247,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Magnus Financial Group LLC grew its holdings in Bank of Nova Scotia by 4.1% in the fourth quarter. Magnus Financial Group LLC now owns 5,100 shares of the bank’s stock worth $274,000 after purchasing an additional 200 shares during the period. Private Advisor Group LLC boosted its position in shares of Bank of Nova Scotia by 3.5% during the 4th quarter. Private Advisor Group LLC now owns 6,248 shares of the bank’s stock worth $336,000 after purchasing an additional 211 shares in the last quarter. Moran Wealth Management LLC grew its stake in shares of Bank of Nova Scotia by 6.5% in the 4th quarter. Moran Wealth Management LLC now owns 3,925 shares of the bank’s stock valued at $211,000 after buying an additional 240 shares during the period. Lindbrook Capital LLC increased its position in Bank of Nova Scotia by 10.2% in the 4th quarter. Lindbrook Capital LLC now owns 2,860 shares of the bank’s stock valued at $154,000 after buying an additional 264 shares in the last quarter. Finally, Merit Financial Group LLC increased its position 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 valued at $264,000 after buying an additional 271 shares in the last quarter. Institutional investors own 49.13% of the company’s stock.

Bank of Nova Scotia Stock Performance

Shares of Bank of Nova Scotia stock opened at $48.35 on Friday. The Bank of Nova Scotia has a 52 week low of $43.68 and a 52 week high of $57.07. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The business has a 50 day moving average price of $49.93 and a 200-day moving average price of $52.35. The company has a market cap of $60.23 billion, a PE ratio of 11.19, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11.

Bank of Nova Scotia Cuts Dividend

The business 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 $0.7415 dividend. This represents a $2.97 dividend on an annualized basis and a yield of 6.13%. The ex-dividend date of this dividend is Tuesday, April 1st. Bank of Nova Scotia’s payout ratio is currently 82.77%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Royal Bank of Canada cut their price target on Bank of Nova Scotia from $83.00 to $81.00 and set a “sector perform” rating on the stock in a report on Wednesday, February 26th. CIBC reiterated a “neutral” rating on shares of Bank of Nova Scotia in a report on Tuesday, February 18th. Finally, Cibc World Mkts lowered shares of Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $81.00.

Bank of Nova Scotia Company 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.