Bank of Nova Scotia (NYSE:BNS) Shares Gap Down – Here’s What Happened

The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $52.19, but opened at $51.00. Bank of Nova Scotia shares last traded at $52.77, with a volume of 344,504 shares changing hands.

Analysts Set New Price Targets

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

Bank of Nova Scotia Price Performance

The company has a market cap of $65.95 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 1.16 and a beta of 1.11. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The company’s 50-day simple moving average is $48.73 and its 200-day simple moving average is $51.08.

Bank of Nova Scotia Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 28th. Stockholders of record on Tuesday, April 1st were paid a dividend of $0.7415 per share. This represents a $2.97 annualized dividend and a dividend yield of 5.60%. The ex-dividend date of this dividend was Tuesday, April 1st. Bank of Nova Scotia’s dividend payout ratio (DPR) is currently 83.05%.

Institutional Investors Weigh In On Bank of Nova Scotia

A number of institutional investors have recently made changes to their positions in the company. Murphy & Mullick Capital Management Corp bought a new position in shares of Bank of Nova Scotia during the fourth quarter valued at approximately $25,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in Bank of Nova Scotia during the 4th quarter worth $31,000. Allworth Financial LP increased its position in Bank of Nova Scotia by 121.1% in the fourth quarter. Allworth Financial LP now owns 639 shares of the bank’s stock worth $33,000 after buying an additional 350 shares during the period. Compagnie Lombard Odier SCmA bought a new stake in Bank of Nova Scotia in the first quarter valued at $52,000. Finally, Independence Bank of Kentucky boosted its holdings in shares of Bank of Nova Scotia by 38.4% during the first quarter. Independence Bank of Kentucky now owns 1,175 shares of the bank’s stock valued at $56,000 after acquiring an additional 326 shares during the period. 49.13% of the stock is currently owned by institutional investors.

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.