Highland Capital Management LLC Cuts Holdings in The Bank of Nova Scotia (NYSE:BNS)

Highland Capital Management LLC lowered its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 2.2% during the second quarter, Holdings Channel reports. The institutional investor owned 29,300 shares of the bank’s stock after selling 650 shares during the quarter. Highland Capital Management LLC’s holdings in Bank of Nova Scotia were worth $1,340,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. Wealth Enhancement Advisory Services LLC boosted its holdings in Bank of Nova Scotia by 1.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,432 shares of the bank’s stock worth $799,000 after acquiring an additional 219 shares in the last quarter. Power Corp of Canada increased its stake in Bank of Nova Scotia by 1.9% during the 4th quarter. Power Corp of Canada now owns 12,037 shares of the bank’s stock valued at $587,000 after purchasing an additional 226 shares in the last quarter. Bruce G. Allen Investments LLC raised its holdings in shares of Bank of Nova Scotia by 70.6% in the first quarter. Bruce G. Allen Investments LLC now owns 585 shares of the bank’s stock worth $30,000 after buying an additional 242 shares during the last quarter. Metis Global Partners LLC lifted its stake in shares of Bank of Nova Scotia by 0.4% during the fourth quarter. Metis Global Partners LLC now owns 59,065 shares of the bank’s stock worth $2,875,000 after buying an additional 258 shares during the period. Finally, Pacifica Partners Inc. increased its position in shares of Bank of Nova Scotia by 1.5% in the 2nd quarter. Pacifica Partners Inc. now owns 19,493 shares of the bank’s stock valued at $889,000 after acquiring an additional 288 shares during the period. 49.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on BNS shares. StockNews.com downgraded Bank of Nova Scotia from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. UBS Group started coverage on shares of Bank of Nova Scotia in a research report on Tuesday, July 2nd. They set a “neutral” rating for the company. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $68.00.

Bank of Nova Scotia Stock Performance

Bank of Nova Scotia stock traded up $0.19 during midday trading on Monday, hitting $48.61. 80,742 shares of the company were exchanged, compared to its average volume of 1,840,627. The business has a fifty day simple moving average of $46.20 and a two-hundred day simple moving average of $47.47. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $59.77 billion, a PE ratio of 10.91, a price-to-earnings-growth ratio of 1.70 and a beta of 1.04. The Bank of Nova Scotia has a fifty-two week low of $39.79 and a fifty-two week high of $51.98.

Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) last issued its quarterly earnings data on Tuesday, May 28th. The bank reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.02. Bank of Nova Scotia had a net margin of 10.40% and a return on equity of 11.40%. The business had revenue of $6.15 billion for the quarter, compared to analysts’ expectations of $6.10 billion. On average, sell-side analysts forecast that The Bank of Nova Scotia will post 4.82 earnings per share for the current year.

Bank of Nova Scotia Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 29th. Stockholders of record on Wednesday, July 3rd were paid a dividend of $0.769 per share. This represents a $3.08 annualized dividend and a dividend yield of 6.33%. The ex-dividend date was Wednesday, July 3rd. Bank of Nova Scotia’s payout ratio is currently 69.59%.

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.