Pathway Financial Advisers LLC Cuts Stake in The Bank of Nova Scotia (NYSE:BNS)

Pathway Financial Advisers LLC lowered its stake in The Bank of Nova Scotia (NYSE:BNS) (TSE:BNS) by 98.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 73,690 shares of the bank’s stock after selling 3,898,544 shares during the quarter. Bank of Nova Scotia comprises 1.3% of Pathway Financial Advisers LLC’s portfolio, making the stock its 22nd largest position. Pathway Financial Advisers LLC’s holdings in Bank of Nova Scotia were worth $3,959,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. BNP Paribas Financial Markets lifted its position in shares of Bank of Nova Scotia by 1,588.2% during the third quarter. BNP Paribas Financial Markets now owns 861 shares of the bank’s stock worth $47,000 after purchasing an additional 810 shares in the last quarter. Fortitude Family Office LLC purchased a new stake in shares of Bank of Nova Scotia during the fourth quarter worth about $73,000. Blue Trust Inc. lifted its stake in shares of Bank of Nova Scotia by 171.6% in the third quarter. Blue Trust Inc. now owns 1,578 shares of the bank’s stock worth $86,000 after acquiring an additional 997 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Bank of Nova Scotia in the third quarter valued at about $111,000. Finally, Farther Finance Advisors LLC grew its stake in Bank of Nova Scotia by 11.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,713 shares of the bank’s stock valued at $148,000 after purchasing an additional 288 shares in the last quarter. 49.13% of the stock is currently owned by hedge funds and other institutional investors.

Bank of Nova Scotia Trading Up 0.2 %

NYSE:BNS opened at $51.05 on Thursday. The stock has a market cap of $63.58 billion, a PE ratio of 11.82, a price-to-earnings-growth ratio of 1.15 and a beta of 1.07. The Bank of Nova Scotia has a fifty-two week low of $43.67 and a fifty-two week high of $57.07. 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 stock’s 50-day moving average is $52.69 and its two-hundred day moving average is $52.02.

Bank of Nova Scotia Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 29th. Shareholders of record on Tuesday, January 7th were given a $0.7535 dividend. The ex-dividend date of this dividend was Tuesday, January 7th. This represents a $3.01 dividend on an annualized basis and a yield of 5.90%. Bank of Nova Scotia’s payout ratio is 68.29%.

Analysts Set New Price Targets

A number of brokerages have issued reports on BNS. TD Securities raised Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. 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. Canaccord Genuity Group upgraded shares of Bank of Nova Scotia from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Bank of America raised shares of Bank of Nova Scotia from a “neutral” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, Royal Bank of Canada increased their price target on shares of Bank of Nova Scotia from $65.00 to $74.00 and gave the stock a “sector perform” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $72.00.

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.