Prudential PLC Sells 3,388 Shares of The Bank of Nova Scotia (NYSE:BNS)

Prudential PLC trimmed its position in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 12.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 23,767 shares of the bank’s stock after selling 3,388 shares during the period. Prudential PLC’s holdings in Bank of Nova Scotia were worth $1,275,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Bank of Nova Scotia in the 4th quarter worth approximately $690,746,000. Toronto Dominion Bank lifted its stake in Bank of Nova Scotia by 9.6% in the third quarter. Toronto Dominion Bank now owns 24,990,868 shares of the bank’s stock worth $1,361,752,000 after acquiring an additional 2,195,604 shares during the period. Geode Capital Management LLC boosted its holdings in Bank of Nova Scotia by 31.8% in the fourth quarter. Geode Capital Management LLC now owns 7,433,171 shares of the bank’s stock valued at $406,103,000 after acquiring an additional 1,792,700 shares in the last quarter. Vanguard Group Inc. increased its position in Bank of Nova Scotia by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 51,363,146 shares of the bank’s stock valued at $2,758,150,000 after purchasing an additional 969,488 shares during the period. Finally, Hillsdale Investment Management Inc. raised its holdings in Bank of Nova Scotia by 370.0% in the 4th quarter. Hillsdale Investment Management Inc. now owns 883,511 shares of the bank’s stock worth $47,391,000 after purchasing an additional 695,519 shares in the last quarter. 49.13% of the stock is currently owned by institutional investors.

Bank of Nova Scotia Trading Down 4.7 %

Shares of NYSE:BNS opened at $44.55 on Tuesday. The stock’s 50-day simple moving average is $49.30 and its two-hundred day simple moving average is $52.10. The stock has a market capitalization of $55.48 billion, a price-to-earnings ratio of 10.31, a PEG ratio of 1.16 and a beta of 1.02. 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 debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

Bank of Nova Scotia Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Shareholders of record on Tuesday, April 1st will be issued 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 6.66%. Bank of Nova Scotia’s dividend payout ratio is currently 82.77%.

Analyst Upgrades and Downgrades

BNS has been the topic of several research reports. CIBC reaffirmed a “neutral” rating on shares of Bank of Nova Scotia in a research report on Tuesday, February 18th. Bank of America downgraded Bank of Nova Scotia from a “buy” rating to a “neutral” rating in a report on Monday, March 31st. Royal Bank of Canada dropped their price objective 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 World Mkts downgraded Bank of Nova Scotia from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $81.00.

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.